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 also provide charging services for EVs, and boost its hydrogen production capacity, said Ma Yongsheng.
“We will push forward efforts for our existing refineries to produce more chemicals and less motor fuel,” he told reporters on Monday. “We will also boost our output of natural gas, a cleaner-burning fuel, and expand hydrogen production – especially that of green hydrogen.”
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