SINGAPORE (Reuters) – Sinopec Corp has set up a new subsidiary in Xiong’an, near Beijing, to specialise in the hydrogen fuel business, China’s second-largest oil and gas company said on Friday.
Sinopec Xiong’an New Energy Co. Ltd, a unit fully owned by Sinopec Corp, has registered capital of 100 million yuan, the company said.
The new entity will engages primarily in building hydrogen infrastructure, managing hydrogen refuelling stations as well as storage and pipeline transportation of the low-carbon fuel.
The state giant has pledged to spend some $4.6 billion on hydrogen energy by 2025 as it pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050.
Sinopec, which owns one of the world’s largest fuel retailing networks, aims to build 1,000 hydrogen refuelling stations by 2025.
Xiong’an, in Hebei province, was approved by Beijing as a new economic zone that focuses on building clusters of high-tech and innovative businesses and takes over some “non-capital functions” from the Chinese capital.
(Reporting by Chen Aizhu; editing by Jason Neely)
