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Sinopec plans to spend US$4.6 billion on hydrogen energy by 2025

Sinopec plans to spend US$4.6 billion on hydrogen energy by 2025

File photo. A man stands next to a logo of Sinopec, or China Petroleum and Chemical Corporation, at an expo on rubber technology in Shanghai, China on Sep 19, 2018. (Photo: Reuters/Stringer)

BEIJING: China's Sinopec Corp plans initial spending of 30 billion yuan (US$4.6 billion) on developing hydrogen energy by 2025, as the Chinese state oil and gas major pivots to hydrogen and natural gas to reach carbon neutrality by 2050.

Sinopec said on Monday (Aug 30) it also aimed to have 200,000 tonnes annual capacity for hydrogen refuelling by 2025.

Source: Reuters/ad

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