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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.
China Petroleum & Chemical Corporation (Sinopec) has launched China's first methanol-to-hydrogen and hydrogen refueling service station in Dalian, offering 1,000 kilograms of hydrogen production daily with 99.999% purity. This facility reduces costs on hydrogen production, storage, and transportation by over 20% compared to traditional stations. Sinopec, the world's largest methanol producer, addresses challenges like low transport capacity and high costs. The station's advanced design occupies just 64 square meters, drastically less than standard facilities. This initiative strengthens Sinopec's commitment to becoming China's leading hydrogen energy enterprise, with nine supply centers and the most fueling stations globally.
Sinopec published its Green and Low-carbon Development White Paper 2022 on January 13, 2023, outlining strategies for enhancing sustainability and achieving Dual Carbon goals. The company has committed to carbon peak emissions by 2030 and has been recognized as a China Low-Carbon Model for 12 years. With 4,469 energy efficiency projects saving 7.49 million tons of standard coal, Sinopec aims to balance development with emissions reduction and advance the green transformation of China's energy sector. The initiatives showcase Sinopec's dedication to eco-friendly practices and sustainable operations.
Sinopec announced a significant achievement with its Yuanshen-1 well, successfully drilled to 8,866 meters in the Sichuan Basin, setting a new vertical depth record. This milestone is part of Sinopec's Project Deep Earth, which aims to explore deep hydrocarbon resources, particularly ancient carbonate rocks. The company also revealed the establishment of a new natural gas base in Sichuan and Chongqing, contributing to the country’s 15 trillion cubic meters of deep natural gas resources, vital for China's energy production growth.
China Petroleum & Chemical Corporation (Sinopec) released its inaugural "China Energy Outlook 2060" report, detailing projections for energy consumption and carbon emissions, aiming for carbon neutrality by 2060. The report forecasts China’s primary energy consumption to peak at 6.03 billion tons of standard coal between 2030 and 2035, declining to 5.6 billion tons by 2060. Notably, carbon emissions are expected to peak at 9.9 billion tons in 2030 and drop to 1.7 billion tons in 2060, primarily through Carbon Capture Usage Storage (CCUS) and carbon sinks.
China Petroleum & Chemical Corporation (Sinopec) has announced a significant gas reserve discovery at the Qijiang shale gas field in the Sichuan Basin, with a proven geological reserve of 145.968 billion cubic meters. This breakthrough results from extensive analysis and innovative seismic prediction technology developed by Sinopec's team. The field's complex geological conditions posed challenges, but the new fracturing technology has increased daily production to over 500,000 cubic meters per well. This discovery enhances Sinopec's strategic objectives in natural gas.
Sinopec and QatarEnergy have signed a 27-year long-term agreement for the annual supply of 4 million tons of LNG to Sinopec. This agreement signifies integrated cooperation on the North Gas Field Expansion Project, set for commissioning in 2026. The collaboration aims to enhance China's energy security and optimize its energy mix amidst growing demand for clean energy. The leaders of both companies expressed optimism about further strengthening China-Qatar relations through this significant partnership.
Sinopec has announced a non-binding memorandum of understanding with Shell, China Baowu, and BASF to launch a groundbreaking 10-million-ton carbon capture, utilization and storage (CCUS) project in East China. This initiative aims to facilitate decarbonization for industrial enterprises and contribute to China's carbon neutrality objectives. The project will evaluate CO2 transport solutions from industrial sources along the Yangtze River to designated storage sites, enhancing low-carbon supply chains and fostering a green economy.
Sinopec Southwest Oil & Gas Company has announced a significant discovery of new shale gas reserves in the Jinshi 103HF exploratory well, located in the Sichuan Basin. The well has achieved a daily production rate of 258,600 cubic meters and an evaluated resource capacity of 387.8 billion cubic meters. This discovery marks the first major finding in the Cambrian Qiongzhusi Formation and is poised to enhance shale gas exploration efforts in the region. Sinopec aims to support a national reserve target of 100 billion cubic meters in Sichuan and Chongqing.
On October 14, 2022, Sinopec achieved a significant milestone by producing China's first batch of large tow carbon fiber in Shanghai. This positions Sinopec as the first in China and fourth globally to utilize large tow carbon fiber technology. The production line incorporates self-developed PAN-based precursor technology, with full production expected in 2024, targeting an annual output of 24,000 tons of protofilament and 12,000 tons of carbon fiber. The new material, known for its strength and corrosion resistance, is anticipated to enhance various industrial infrastructure projects across China.
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