AsiaNet 88766

BEIJING, March 30, 2021 /PRNewswire=KYODO JBN/ --

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.

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 (

http://www.sinopecgroup.com/group/en/ ).

SOURCE   Sinopec

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   Caption: Sinopec’s 2020 Performance Leads Global Peers, Strives to Achieve Carbon

Neutrality 10 Years Ahead of China’s Goal.