Sinopec Releases 10 Significant Achievements of High-Quality Development

Rhea-AI Summary

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

Positive

• Establishment of four oil and gas zones of hundred million-tone scale, enhancing China's position in the industry
• Development of complete aromatic hydrocarbon technology, making China the world's third country to own this technology
• Fuling shale gas field delivered nearly 70 billion cubic meters of gas to the Yangtze River Economic Belt region
• Implementation of a million-ton CCUS pilot project for carbon neutrality
• Launch of the world's largest solar-to-hydrogen project in Kuqa, providing a model for green hydrogen production in China
• Upgrade of fuel standards from National 1 to National 6, improving product quality

Negative

• None.

BEIJING, Oct. 14, 2024 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has released the group's significant achievements in promoting high-quality development and supporting China's modernization process for the very first time at a special event on October 10^th in Beijing, China.

The 10 significant achievements cover the scopes ranging from energy security, industrial development, green and low-carbon progress to technological innovation, improving livelihood and more, and they are vivid epitome of the high-quality development of China's top enterprises:

1.  Project Deep Earth No.1 sets a new benchmark for oil and gas industry development; it has implemented four oil and gas zones of hundred million-tone scale and accentuated China's position in the industry.

2.  The complete aromatic hydrocarbon technology solution drives future breakthroughs with innovation, making China the world's third country to own the technology and reach new height at a new starting point.

3.  The Fuling shale gas field, China's first commercially developed shale gas project, leading the shale evolution in the East, has delivered nearly 70 billion cubic meters of gas to the Yangtze River Economic Belt region.

4.  The million-ton CCUS pilot project anchors global carbon neutrality trends.

5.  Sinopec's complete geothermal energy pilot project is providing heat for the city of Xiong'an.

6.  Sinopec's world-class ethylene base has set new industry benchmarks.

7.  Sinopec has upgraded the premium petroleum products fuel standard from National 1 Standard to National 6.

8.  Sinopec is leading shale oil development in China's onshore faulted basin.

9.  Sinopec has implemented a wide range of green actions to usher green development of the industry.

10.  The Kuqa green hydrogen pilot project in northwest China unfolds a new chapter of green energy. The mega project is the largest solar-to-hydrogen project in the world and serves to carve out a new path for green hydrogen refining and provide an exemplary model for green hydrogen production in China.

"As we embark on the new journey, Sinopec will thrive forward to shoulder the core responsibilities and make unremitting efforts to secure energy, pave the path of new industrialization, and stand up in sci-tech innovation with resilience, with a people-centered approach, and gather more forces of progress," commented Ma Yongsheng, chairman of Sinopec. "Sinopec is committed to lead the industry development and to set more industry 'firsts' as part of China's course of modernization."

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SOURCE SINOPEC

FAQ

What are the 10 significant achievements announced by Sinopec (SNPTY) in its high-quality development report?

Sinopec announced 10 achievements including Project Deep Earth No.1, aromatic hydrocarbon technology, Fuling shale gas field, million-ton CCUS project, geothermal energy pilot, world-class ethylene base, fuel standard upgrades, shale oil development, green actions, and the Kuqa green hydrogen project.

How much gas has Sinopec's (SNPTY) Fuling shale gas field delivered to the Yangtze River Economic Belt region?

Sinopec's Fuling shale gas field, China's first commercially developed shale gas project, has delivered nearly 70 billion cubic meters of gas to the Yangtze River Economic Belt region.

What is the significance of Sinopec's (SNPTY) Kuqa green hydrogen pilot project?

Sinopec's Kuqa green hydrogen pilot project is the largest solar-to-hydrogen project in the world. It provides an exemplary model for green hydrogen production in China and opens a new chapter in green energy development.

How has Sinopec (SNPTY) improved its fuel standards according to the press release?

Sinopec has upgraded its premium petroleum products fuel standard from National 1 Standard to National 6, representing a significant improvement in fuel quality.