China’s state-owned petroleum and chemical giant dropped three places on this year’s Global 500 ranking, following a rough year of reduced demand during the pandemic. But Sinopec is predicting a return to profit in the first half of 2021, issuing guidance for $5.6 billion of net income, compared with a $3.54 billion loss for the same period last year. Surging demand from factories and freight, plus higher oil prices, has helped drive Sinopec’s business. Looking to a carbon-neutral future, Sinopec is putting more focus on hydrogen production. The oil and gas giant aims to produce 500,000 tonnes of “green” hydrogen by 2025 and plans to build 1,000 hydrogen-refueling stations across the country in the same time frame.
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