Asia's largest oil and gas company, China Petroleum & Chemical Corp (Sinopec), said on Monday that it plans to become the largest producer of hydrogen for use as a transportation fuel, targeting 200,000 tonnes of hydrogen refueling per year by 2025.
“Sinopec will actively expand, producing hydrogen from renewable energy sources, and will focus on hydrogen as a fuel for vehicles and using green hydrogen for cleaning,” said Acting Chairman of Sinopec Ma Yongsheng.
The company aims to produce over 1 million tonnes of so-called green hydrogen from renewable energy sources between 2021 and 2025, as well as add 400 megawatts of solar power to generate electricity to charge vehicles.
Sinopec has built 20 hydrogen filling stations so far, with another 60 under construction or in the planning and approval stages.
The company produces about 3 million tons of hydrogen per year from non-renewable energy sources, which is mainly used in refining and petrochemical processes.
On Sunday, the company reported its highest first-half net profit since 2018 of $ 6.05 billion, thanks to a rebound in oil and gas prices and strong domestic fuel demand. Revenue in the first six months rose 22.1% from last year's low to 1.26 trillion yuan.