Sinopec Corporation of China plans to invest in hydrogen energy and natural gas for its carbon neutrality goal by 2050. The company will invest 30 billion yuan ($4.6 billion). It aims to have 200,000 tonnes annual capacity for hydrogen refueling by 2025
The company plans to become the largest producer of hydrogen which is currently the biggest oil refiner. The hydrogen will be used for transportation fuel.
Acting Chairman Ma Yongsheng, said, “Sinopec will expand forcefully into making hydrogen from renewable energy, and zero in on hydrogen for transportation fuel and using green hydrogen for refining.”
Sinopec also aims to generate more than 1 million tons of green hydrogen between 2021-2025 with the help of renewable energy sources.
It will add 400 megawatts of solar power generation capacity for supplying electricity to charge vehicles.
So far the company has built 20 hydrogen filling stations, and 60 other stations are under construction or in the planning process and approval stage.
3 million tons per year of hydrogen is produced by the company from non-renewable energy sources used in oil refineries and petrochemical processes.