The Company Also Released the 2025 China Energy & Chemical Industry Development Report

BEIJING,Dec. 24,2024 --China Petroleum & Chemical Corporation (HKG: 0386,"Sinopec") unveiled major forecasts on a comprehensive view of global and Chinese energy landscapes over the next several decades,marking a significant milestone as Sinopec publishes its first-ever long-term global energy outlook of its kind.

Sinopec provides detailed predictions for the future of both fossil and renewable energy worldwide. Key insights include:

Global Primary Energy Consumption: Expected to peak at 26.71 billion tonnes of coal equivalent by 2045,with renewable energy accounting for 51.8% of total energy consumption by 2060.

Slowing Growth in Energy Consumption: Global energy consumption will gradually slow,reaching 25.25 billion tonnes of coal equivalent by 2060. By this time,oil and gas will together account for 35.7% of total energy consumption.

Peak Oil Demand: Oil consumption is projected to peak at 4.66 billion tonnes around 2030. While the focus of consumption shifts from transportation to industrial feedstocks,oil will remain the dominant transportation fuel,with a 40% share of total transport energy demand by 2060.

Rising Non-Fossil Energy: Significant growth in non-fossil energy sources such as hydrogen,CCUS (Carbon Capture,Utilization,and Storage),and advanced energy storage technologies. Hydrogen consumption is expected to surpass 340 million tonnes by 2060,with its energy usage share growing from 2% in 2023 to nearly 50% by 2060. CCUS capacity is projected to reach 110 million tonnes of CO₂ captured by 2030,and 4.7 billion tonnes by 2060.

The China Energy Outlook 2060 (2025 Edition) delves into China's energy consumption and transformation,highlighting:

Peak Energy Consumption: China's primary energy consumption is expected to plateau after 2030,reaching a peak range of 6.8–7.1 billion tonnes of coal equivalent. Oil consumption will peak before 2027,with a maximum of 800 million tonnes. Natural gas is anticipated to see a period of moderate to high growth,particularly between 2026 and 2030,when consumption is expected to increase by over 110 billion cubic meters.

Shift to Non-Fossil Energy: By 2035,non-fossil energy power generation is projected to surpass fossil fuel-based generation,reaching 8,400 TWh. The share of non-fossil energy consumption will rise to 27% between 2026 and 2030. China's energy consumption transition will increasingly rely on a diversified mix,incorporating electricity,hydrogen,ammonia,and other clean alternatives.

Carbon Emissions Peak: China's energy-related carbon dioxide emissions are expected to increase slightly from 10.66 billion tonnes to a peak range of 10.8–11.2 billion tonnes. This trajectory will help ensure the country meets its carbon peak target by 2030.

The 2025 China Energy & Chemical Industry Development Report offers insights into the evolution of China's energy and chemical industries:

Oil Refining Capacity: China's oil refining capacity is nearing its peak,with total refining output set to stabilize at 960–970 million tonnes per year by 2025.

Challenges in the Chemical Sector: Despite significant growth,the chemical market faces challenges such as excess capacity in olefin and aromatic hydrocarbon industries,as well as sustained high output in bulk chemicals.

Innovation Driving Growth: Innovation is identified as the primary force propelling China's energy and chemical industries toward a more sustainable future.

Through these reports,Sinopec offers a roadmap for policymakers,industry leaders,and stakeholders to navigate the challenges and opportunities of the coming decades. The company remains committed to driving the energy transition,advancing technology,and promoting sustainable,low-carbon solutions across the energy and chemical sectors.