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Chairman of Sinopec Talks about Hydrogen Development

Mr. Zhang Yuzhuo, chairman of China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”), shares his perspective on carbon neutrality, the development prospects of carbon neutrality and the overall strategic layout of hydrogen energy, during an interview with well-known media on April 17.

“It’s our goal to become the No.1 hydrogen enterprise in China, to achieve a systematic layout of the entire hydrogen energy industry chain that will make hydrogen refueling as convenient as gas refueling,” said Mr. Zhang. “In the future, Sinopec will gradually expand our hydrogen energy operations as well as other renewable energy sources to advance the development of a combined ‘petroleum, gas, hydrogen, electric and non-petroleum service.'”

Sinopec’s confidence in creating the leading hydrogen enterprise stems from the current scale of its hydrogen production, which is the largest in China, as well as its acceleration in building the necessary infrastructure for hydrogen energy that lays a solid foundation for all elements of hydrogen energy including transportation, storage, filling and application, as well as having a firm grasp of the relevant laws, costs and safety aspects.

In recent years, Sinopec has continuously increased investment in the field of hydrogen energy and devised plans to develop it as an key emerging strategic business. Sinopec has integrated the entire hydrogen energy industry to cover fields including capital operations, technology R&D, production, logistics, network building and social cooperation, and has achieved breakthroughs in constructing hydrogen refueling stations, hydrogen production technologies, hydrogen fuel batteries and hydrogen storage materials.

Currently, Sinopec has an annual hydrogen production capacity exceeding 3.5 million tons, which accounts for 14 percent of the national total. The company plans to build and operate 100 hydrogen refueling stations in 2021, and 1,000 in next five years, to lead the high-quality industrial development of hydrogen energy.

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fiber, fertilizer and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Sinopec sets ‘fueling beautiful life’ as its corporate mission, puts ‘people, responsibility, integrity, precision, innovation and win-win’ as its corporate core values, pursues strategies of value-orientation, innovation-driven development, integrated resource allocation, open cooperation, and green and low-carbon growth, and strives to achieve its corporate vision of building a world leading energy and chemical company.

S. Jack Heffernan Ph.Dhttps://www.shayneheffernan.com
S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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