China Petroleum & Chemical Corp. plans to invest RMB 200 billion ($30.9 billion) over the next five years to double the size of its natural gas business, as the country’s energy giants look to bring themselves in line with national climate goals, reported Caixin.
The state-owned company — also known as Sinopec — aims to set up a new gas subsidiary and increase its overall gas trading volume to 100 billion cubic meters by 2025, up from 44.5 billion cubic meters last year, according to Mou Haiyong, the chief engineer of the company’s existing gas branch.
Under pressure from Beijing to reduce planet-warming carbon dioxide emissions, Chinese energy firms are increasingly pivoting toward tried-and-tested natural gas as well as dabbling in renewable sources.
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