Oil giants' entry to help develop energy industry

China Petrochemical Corp, or Sinopec Group, has supplied more than 2 million metric tons of hydrogen to Zhejiang province as of August, with daily maximum hydrogen supply exceeding 1 ton, which has further enhanced the company's clean energy supply capacity in the economic powerhouse of the Yangtze River Delta.

This, Sinopec Group said, has also helped ensure the country's energy security and accelerate the country's pursuit of carbon peak and carbon neutrality.

The company also vowed to deploy 100 hydrogen filling stations in Zhejiang during the 14th Five-Year Plan period (2021-25) and six of them will be completed by the end of this year. It will also speed up investment in the hydrogen sector and hydrogen industrial chain construction across the country, with 1,000 hydrogen refueling stations or combined gasoline and hydrogen refueling stations nationwide during the same period, said Sinopec Group, which is also the world's largest refiner by volume.

The company so far has come up with 20 hydrogen refueling stations in 13 provinces including Guangdong, Guizhou, Hainan, and the Shanghai municipality. It has also supplied more than 2 million tons of hydrogen to Guangdong and Shanghai so far, it said.

In addition to Sinopec Group, many other State-owned enterprises are stepping up forays into the hydrogen sector. According to Peng Huagang, secretary-general of the State-owned Assets Supervision and Administration Commission of the State Council, more than one-third of centrally administered SOEs geared up to tap China's hydrogen power development, including hydrogen power production, storage, refueling and related businesses, with numerous achievements in technology research, development and applications.

While State Power Investment Corp Ltd is among the SOEs that have carried out research and development on hydrogen production from renewable energy sources, State-owned China National Petroleum Corp has set up a research institute on hydrogen power in May with 50 hydrogen refueling stations across the country planned.

Jing Chunmei, deputy director of scientific research and information at the China Center for International Economic Exchanges, said SOEs' entry into the market sends a signal of the bright prospects of the development and prospects of China's hydrogen power industry.

With advantages in scale, capital and technology over other businesses, SOEs' entry into the market will accelerate the process of tackling core technologies, broadening application scenarios and creating a strong impetus for China's development of the hydrogen power industry, Jing said.