(Yicai Global) April 3 -- Chinese state-backed energy colossus China Petroleum & Chemical Corp., also known as Sinopec, announced yesterday the official start of its Green Enterprise Action Plan, which will increase the share of its clean energy production to over 50 percent within six years, and promote the supply of natural gas, shale gas and coalbed methane.
The group will achieve an annual natural gas supply capacity of 60 billion cubic meters by 2023 and accelerate the construction of natural gas pipelines, receiving stations and gas storage facilities, per the plan. A total of 10,000 kilometers of gas pipelines will go into operation, and the conglomerate will supply natural gas to 320 million people, making up 15 to 20 percent of the overall domestic supply by 2023, China Securities Network reported.
Sinopec will also build 1,000 natural gas refueling stations for vehicles within six years and explore the construction of electric vehicle battery charging and replacement and hydrogen refueling stations, and hydrogen storage infrastructure in key cities and on roads. It will also increase the supply of ethanol gasoline, biodiesel, gasoline cleaners and other green products.
The company will further strive to develop geothermal heating projects and will realize geothermal heating of 120 million to 150 million square meters, covering 2.1 million urban households -- 40 percent of China’s market -- by 2023.
As a state-run large energy and chemical company, the group is responsible for advancing and achieving green development, said Dai Houliang, Sinopec’s general manager, adding that the implementation of its green action plan will cause the group's green and low-carbon development level to reach advanced international levels by 2035 and global leading levels by 2050.