Sinopec plans to spend $4.6 bn on hydrogen energy by 2025FILE PHOTO: A view shows one of the worlds's first plants for the production of green hydrogen on the site of the "Shell Energy and Chemicals Park Rheinland" of Anglo-Dutch oil giant Shell in Wesseling, western Germany on July 2, 2021. (AFP)BEIJING/SINGAPORE: China's Sinopec Corp plans to spend 30 billion yuan ($4.6 billion) on hydrogen energy by 2025 as the state oil and gas major pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050. "Sinopec will expand forcefully into making hydrogen from renewable energy, and zero in on hydrogen for transportation fuel and using green hydrogen for refining," acting Chairman Ma Yongsheng said. The company produces about 3 million tonnes per year of hydrogen from non-renewable energy sources that is mainly used in oil refinery and petrochemical processes. Refinery throughput in the second half of the year is forecast to be flat to the first-half and year-earlier periods, remaining at about 126 million tonnes.

Source: Bangkok Post August 30, 2021 06:22 UTC