Sinopec’s 2020 Performance Leads Global Peers, Strives to Achieve Carbon Neutrality 10 Years Ahead of China’s Goal

BEIJING, March 30, 2021 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") announced its 2020 turnover and other operating income of CNY2.11 trillion (US$321.22 billion) and profit attributable to shareholders of CNY33.1 billion (US$5.04 billion) at its annual performance press conference hosted on March 29 in Beijing via video conferencing.

Sinopec’s 2020 Performance Leads Global Peers, Strives to Achieve Carbon Neutrality 10 Years Ahead of China’s Goal.

Taking a leadership position among the world's major integrated petroleum and petrochemical companies, Zhang Yuzhuo, chairman of Sinopec, announced that Sinopec guarantees to reach carbon emissions peak before China's goal and strives to achieve carbon neutrality 10 years ahead of China's target.

Sinopec also released its earnings preannouncement by March 28, with the net profit attributable to shareholders of the parent company in the first quarter of 2021 expected to be CNY16 billion to 18 billion (US$2.43-2.74 billion), getting off to a flying start.

Facing the severe impacts of the COVID-19 pandemic in 2020, particularly the decline in oil prices and sharp decline in demand, Sinopec's quick response and proactive actions to coordinate pandemic prevention/control and production/operation propelled the company to achieve exceptional results and promote reform and development of the company at the same time.

"To build a world-leading clean energy chemical enterprise, Sinopec will actively embrace the energy revolution and industrial transformation and firmly implement a pioneering development strategy to form an industrial layout that's built on energy resources, winged by clean oil products and modern chemical engineering, and supported by the key growth pillars of new energy, new material and new economy," noted Mr. Zhang.

Accelerating energy transition to build "the largest hydrogen energy company"

Sinopec will make hydrogen energy the main goal of its new energy businesses, making full use of its industry and network advantages to vigorously promote clean fossil energy and scaled operations of clean energy, fully participate in the construction of charging and battery replacement infrastructure networks, and accelerate the development of hydrogen energy.

In the next five years, Sinopec plans to construct 1,000 hydrogen or oil-hydrogen refueling stations and build "China's largest hydrogen energy company" at the forefront of the industry in promoting business demonstration.

Propelling industrial upgrading to become a comprehensive energy service provider for "oil, gas, hydrogen, electricity and non-oil services"

Sinopec's new industrial landscape shows a business map of its transformation and upgrading. The company will consolidate its "one foundation" to lay a solid basis for energy resources and effectively increase oil/gas reserves as well as primary energy production capacity, strengthen the "two wings" of improving clean oil quality and modern industrial development, and expand the "three news" – exploring new energy, new material and new economy to achieve the conversion of new and old kinetic energy.

Within the field of new energy, Sinopec will cement its leading advantages in the hydrogen energy sector and accelerate the strategy of building the company as a comprehensive energy service provider for "oil, gas, hydrogen, electricity and non-oil services" and forge a strong and efficient industrial chain.

Promoting technological innovation to speed up the building of a technology pilot company

Sinopec will continue to deepen the reform of its science and technology system, boosting R&D funding to focus more on basic and applied research and strengthen core technology research to achieve quick translation of results and rapid product iteration, enhance independent and original innovation capabilities, cultivate more innovative talents to speed up the building of a technology pilot company and provide strong scientific and technological support for transformation development and industrial upgrading.

Charting a low-carbon course to achieve carbon neutrality 10 years ahead of China's goal

For the first time, Sinopec has incorporated "cleanliness" into the company's vision and goals to carry out a green development path to build core competitiveness. Sinopec will step up in substituting natural gas and electricity, vigorously develop green hydrogen production and increase the proportion of low-carbon raw materials to develop a recycling economy and reduce the carbon footprint of products throughout the entire life cycle.

By 2025, Sinopec's methane emission intensity will be reduced by 50 percent and megaton-level CCUS demonstration projects will be built, as Sinopec develops carbon-neutral forests, carbon-neutral gas stations and other distinctive models to make the new image of Sinopec green and clean.

In the context of China proposing to reach peak carbon emissions by 2030 and carbon neutrality targets by 2060, Sinopec will march towards net zero emissions to ensure reaching peak carbon emissions before the targeted year, and achieve carbon neutrality 10 years in advance, making new contributions in tackling global climate change.

For more information, please visit Sinopec.

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