Sinopec plans to invest 30 billion yuan (US$4.6 billion) in hydrogen energy by 2025 as the state-owned oil and gas giant turns to natural gas and hydrogen, with the goal of maintaining neutrality by 2050. The largest oil refinery in Asia stated on August 30, 2021 that it plans to become China's largest company that uses hydrogen as a transportation fuel, and aims to achieve a hydrogenation capacity of 200,000 tons by 2025.

"Sinopec will vigorously expand hydrogen production from renewable energy, zero hydrogen as transportation fuel, and green hydrogen refining." Acting Chairman Ma Yongsheng said. The company's goal is to use renewable energy to produce more than 1 million tons of hydrogen between 2021 and 2025, and to add 400 megawatts of solar power generation capacity, and it will also charge cars.

Sinopec has built 20 hydrogen refueling stations so far, and another 60 are under construction or planning approval stage. Due to the rebound in oil and natural gas prices and stable domestic fuel demand, the company announced its highest first-half net profit since 2018. It is expected that China's natural gas demand will maintain double-digit growth in the next three years.

Keywords: new energy, overseas engineering, international engineering construction, foreign engineering construction news

Driven by the strong economic recovery and Beijing's continued promotion of replacing coal with low-carbon natural gas, natural gas consumption is expected to increase by 13.3% in 2021. Like the state-owned counterparts PetroChina and CNOOC, which prioritize natural gas development over oil development, Sinopec plans to increase natural gas production by 13.5% year-on-year in the second half of 2021, compared with 13.7% per month in the first six years.Editor/XuNing