China's Sinopec to spend USD 4.6 bn in eco-friendly H2 projects
- China Petroleum & Chemical Corp (HKG:0386), much better known as Sinopec, will put CNY 30 billion (USD4.63 bn/EUR 3.93 bn) into environment-friendly power projects by 2025 to sustain its 2050 carbon-neutrality goal.
Reuters reported on Monday that the state-owned oil and gas major will certainly target at generating more than one million tonnes of renewable hydrogen per year in the 2021-2025 period so regarding reach a hydrogen refuelling ability of around 200,000 tonnes by end-2025.
Performing chairman Ma Yongsheng was pointed out as claiming that the created hydrogen will certainly be utilized as a transportation fuel and for refining procedures. Its production will certainly be supported by the building of 400 MW of solar parks.
Presently, Sinopec produces about 3 million tonnes of hydrogen annually from non-renewable power resources. It has 20 hydrogen filling up stations in operation and also is preparing much more, according to the report.
The Chinese group is presently constructing two solar-powered hydrogen manufacturing facilities in your home-- one in Inner Mongolia and the other in the Xinjiang Uygur self-governing area.