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Sinopec to Plow Cash Into Natural Gas as Climate Targets Loom
A view of Sinopec Natural Gas Company Tianjin LNG receiving station on January 7. Photo: VCG
China Petroleum & Chemical Corp. (600028.SH/0386.HK) plans to invest 200 billion yuan ($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.
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.