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    Sinopec charts cleaner future

Summary

Chinese company places hydrogen at the center of its energy transition strategy.

by: Daniel Graeber

Posted in:

Complimentary, Energy Transition, Hydrogen, Corporate, News By Country, China

Sinopec charts cleaner future

Sinopec said March 30 it would make hydrogen a main component of a new energy transition, driving toward a carbon-neutral future.

The company said that as China strives toward peak carbon emissions by 2030 and carbon neutrality by 2050, it would work to beat those target dates by 10 years.

“The company will make hydrogen energy the main goal of its new energy businesses,” the company said. “In the next five years, Sinopec plans to construct 1,000 hydrogen or oil-hydrogen refueling stations.”

Sinopec on March 11 proposed an accelerated move toward hydrogen as an energy source during meetings in Beijing. The hydrogen energy industry in China remains in the nascent stage, though the government expects that hydrogen will help avoid 700mn mt of CO2 emissions by 2050.

The Chinese oil and gas company claimed it produces 3.5mn mt of hydrogen per year. Company president Ma Yongsheng said that, in the future, customers at Sinopec gas stations will not just pump gasoline and diesel, but potentially hydrogen as well.

Sinopec on March 28 reported a 42.9% year/year drop in net profit last year owing to lower realised oil and natural gas prices. For its 2021 guidance, the company said it could produce as much as 280mn barrels of crude oil and 1.2 trillion ft3 of natural gas.