China Petroleum & Chemical (Sinopec), the world’s largest oil refiner by capacity, will accelerate its energy transition as the rising popularity of electric vehicles reduces demand for fuel, its chairman said on Monday, reports the South China Morning Post. The Beijing-based company will adjust the product output of its refineries, build more petrol stations that […]
Category: Energy & Environment
Saudi Aramco will start building a huge refining complex in northeastern China as soon as next month, reviving a plan to be an all-inclusive source of energy and chemicals as the Asian nation eyes long-term energy security, reports Bloomberg. Aramco agreed to the deal with North Huajin Chemical and Panjin Xincheng to start construction on […]
Brussels is to impose curbs on imports of Chinese green technologies, demoting bidders for public contracts and making it harder for buyers to access subsidies, reports the Financial Times. The measures are expected to be unveiled by the European Commission on Thursday as part of a more aggressive drive to tackle China’s dominance in supplying […]
China is likely to install nearly three times more wind turbines and solar panels by 2030 than it’s current target, helping drive the world’s biggest fuel importer toward energy self-sufficiency, according to Goldman Sachs, reports Bloomberg. Falling costs will make around-the-clock clean power increasingly profitable, leading to the rapid deployment of renewables and batteries, analysts […]
Chinese battery giant CATL posted sharply slower growth in fourth quarter net profit, after COVID-19 outbreaks and consumer caution hit electric vehicle (EV) demand in the world’s largest auto market, reports Reuters. The world’s largest battery maker’s profit during October to December increased 60.6% from the same period in 2021, according to Reuters calculations based […]