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Sinopec Corp. (HKEX:386, SSE: 600028) is one of China's largest integrated energy and chemical companies. In 2023, Sinopec achieved solid results amidst global economic challenges. The company excelled in exploration and production, refining, marketing, and distribution, and chemicals. Sinopec prioritizes science and technology innovation, HSE management, and capital expenditures. Looking ahead in 2024, Sinopec aims to enhance value creation with a focus on profitability, transformation, innovation, and risk management. The company has recently signed agreements with TotalEnergies for sustainable aviation fuel production and successfully completed China's deepest geothermal exploration well, showing its commitment to sustainability and innovation.
Sinopec (HKG: 0386) hosted its first hydrogen-themed event at COP29's China Pavilion on November 13, 2024. The event, co-organized with IHFCA and FECO, featured two major reports on hydrogen energy development and implementation. Sinopec, China's leader in hydrogen infrastructure, operates 138 hydrogen refueling stations and 11 fuel cell supply centers, accounting for 40% of China's hydrogen refueling volume in 2023. The company has launched China's first 20,000-ton photovoltaic green hydrogen project and is planning a 100,000-ton/year wind and green hydrogen integration project.
Sinopec (HKG: 0386) announces major green development initiatives at COP29, including the formation of the International CCUS Technology Innovation Cooperation Organization with SABIC and Kazakhstan National Oil. The company has recycled over 8.55 million tons of CO₂ through CCUS technologies, with approximately 5.75 million tons being injected for enhanced oil recovery. Sinopec imports 180 million tons of crude oil annually from Belt and Road Initiative countries and trades over 20 million tons of refined oil products. The company is involved in 32 oil and gas exploration projects and has established Sinopec Tech Middle East in Saudi Arabia to promote technological innovation.
Sinopec Star, a clean energy subsidiary of China Petroleum & Chemical (HKG: 0386), has launched its first geothermal power generation pilot project in Xianyang, Shaanxi Province. The project marks China's first thermoelectric helium integration initiative, featuring a 3,000-meter deep geothermal well with 102°C wellhead water temperature. The facility provides heating for 120,000 square meters and generates 700,000 kWh annually. Sinopec Star has developed technology to extract 99.99% pure helium from geothermal wells, addressing China's reliance on helium imports. The company currently operates geothermal heating systems in 72 cities, covering over 100 million square meters.
Sinopec hosted a forum and signing ceremony at the 7th China International Import Expo (CIIE 2024), securing US$40.9 billion in purchasing contracts with 38 partners from 18 countries. The contracts cover 27 products across 10 categories, including crude oil, chemicals, and equipment. A significant agreement was signed with TotalEnergies for 2 million tons of LNG supply annually for 15 years, starting 2028. Since CIIE's inception in 2018, Sinopec's total signed orders have reached US$285 billion. The company emphasizes its commitment to promoting high-quality, intelligent, and green development through open cooperation and technological advancement.
China Petroleum & Chemical (Sinopec) has unveiled 10 significant achievements in promoting high-quality development and supporting China's modernization. These achievements span energy security, industrial development, green and low-carbon progress, technological innovation, and improving livelihood. Key highlights include:
1. Project Deep Earth No.1 establishing four oil and gas zones of hundred million-tone scale
2. Development of complete aromatic hydrocarbon technology
3. Fuling shale gas field delivering nearly 70 billion cubic meters of gas
4. Million-ton CCUS pilot project for carbon neutrality
5. Geothermal energy pilot project in Xiong'an
6. World-class ethylene base setting industry benchmarks
7. Upgrade of fuel standards to National 6
8. Leading shale oil development in China's onshore faulted basin
9. Implementation of green actions
10. Kuqa green hydrogen pilot project, the world's largest solar-to-hydrogen project
China Petroleum & Chemical (Sinopec) co-hosted the 2024 Tsinghua University Forum on Carbon Neutral Economy with Tsinghua University in Beijing. The forum focused on green energy, technology innovation, and cooperation to explore low-carbon transformation paths. Sinopec's chairman, Ma Yongsheng, highlighted the company's commitment to green and low-carbon development, emphasizing their strategy to achieve carbon peaking, promote clean energy, and decarbonize production processes.
Sinopec has been named 'China's Low-Carbon Role Model' for 13 consecutive years. The company aims to lead the industry through technological innovation and ecosystem building. Tsinghua University's president, Li Luming, stressed the role of universities in implementing 'Dual-Carbon' strategies. The forum also launched the Carbon-Neutral Ecological Partnership Program, a collaboration between Sinopec and Tsinghua University, to create a multi-disciplinary platform for university-enterprise cooperation and industry-education convergence.
Sinopec (HKG: 0386) has been awarded the Best Environmental Protection Case at the First Sino-European Corporate ESG Best Practice Conference in Frankfurt, Germany. The event, themed 'Together for the Future', showcased top cases in ten categories, including environmental protection, social responsibility, corporate governance, and technological innovation.
Yongsheng Yu, Managing Director of Sinopec Group Branding Department, emphasized the company's commitment to 'Cleaner Energy, Better Life' and the adoption of ESG principles as a cornerstone of its business strategy. Sinopec, one of the world's top refining companies, has been publishing sustainability reports since 2007 and has been enhancing its ESG governance to address global challenges like climate change and energy security.
The company continues to implement a green and clean development strategy, advancing energy transition while embracing the electrification trend in transportation energy. Sinopec aims to be a key player in creating a clean and beautiful world, a trailblazer in green and low-carbon development, and a protector of the shared planet.
China Petroleum & Chemical (Sinopec) has launched the Energy and Chemical Industry Chain Carbon Footprint Alliance in Beijing. This initiative, joined by eight leading Chinese energy and chemical companies, aims to establish a carbon footprint management system by 2027. The alliance's goals include:
1. Developing carbon footprint accounting standards for 20 key products
2. Creating a localized product carbon footprint factor database
3. Fostering international exchange and mutual standard recognition
Sinopec's Deputy General Manager, Wan Tao, emphasized the company's commitment to clean fossil fuels, renewable energy, and carbon reduction in manufacturing. Since 2015, Sinopec has evaluated nearly 100 products across 40 companies for carbon footprint accounting and plans to extend carbon footprint information modules to all enterprises.
China Petroleum & Chemical (HKG: 0386, Sinopec) unveiled reports highlighting China's future energy, hydrogen, and chemical development at a press conference in Riyadh, Saudi Arabia, on May 29, 2024. The event, attended by over 70 participants, featured speeches from notable figures, including Xie Qinsheng, China’s Minister Counsellor for Economic and Commercial Affairs. The three main reports introduced were
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