China's Sinopec to invest USD 4.6bn in green H2 projects - report

China Petroleum & Chemical Corp (HKG:0386), better known as Sinopec, will pour CNY 30 billion (USD4.63bn/EUR 3.93bn) into green energy projects by 2025 to support its 2050 carbon-neutrality goal.

Reuters reported on Monday that the state-owned oil and gas major will aim at producing more than one million tonnes of renewable hydrogen per year in the 2021-2025 period so as to reach a hydrogen refuelling capacity of around 200,000 tonnes by end-2025.

Acting chairman Ma Yongsheng was cited as saying that the produced hydrogen will be used as a transportation fuel and for refining operations. Its production will be supported by the construction of 400 MW of solar parks.

At present, Sinopec produces about three million tonnes of hydrogen annually from non-renewable energy sources. It has 20 hydrogen filling stations in operation and is planning more, according to the report.

The Chinese group is currently building two solar-powered hydrogen production facilities at home -- one in Inner Mongolia and the other in the Xinjiang Uygur autonomous region.

(CNY 1.0 = USD 0.155/EUR 0.131)

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