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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Petroleum & Chemical Corporation    386   CNE1000002Q2

CHINA PETROLEUM & CHEMICAL CORPORATION

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China Petroleum & Chemical : capital envisages 10,000 fuel cell vehicles by 2025

04/08/2021 | 07:17am EDT
Visitors look at a display of Toyota's Mirai hydrogen fuel-cell vehicle during the second China International Import Expo (CIIE) in Shanghai

SINGAPORE (Reuters) - The city of Beijing aims to have over 10,000 fuel cell vehicles on the road and build 74 hydrogen filling stations by 2025, as the Chinese capital maps out an ambitious plan to develop the low-carbon fuel, state media reported on Thursday.

China is the world's largest green house gas emitter but is aiming for carbon-neutrality by 2060. It is leading the global expansion in renewable energy like solar and wind power, and has in the last few years begun early planning for venturing into hydrogen.

Many provinces and cities are scrambling to map out hydrogen plans and are calling for state subsidies to help spur the sector.

The capital forecasts its hydrogen use for road transport and power generation to reach 50 tonnes a day by 2023, and 135 tonnes by 2025, Beijing Daily reported, citing a local government draft plan for 2021-2025.

Part of the new hydrogen vehicle fleet would be those deployed for the 2022 Winter Olympics Games due to take place in and near Beijing, before being expanded to ply highways in the Beijing-Tianjin-Hebei region to replace heavy-duty trucks powered by diesel fuel.

Between 2021 and 2025, some 4,400 trucks are expected to shift to fuel cells, displacing 145,000 tonnes of diesel consumption annually, the report said.

At the end of 2020, China had fewer than 10,000 trucks and buses powered by hydrogen, with annual use of the fuel at 3,000 tonnes, the world's second-largest after the United States.

Beijing-based commercial vehicle maker Beiqi Foton Motor said last September it aimed to sell 4,000 hydrogen vehicles by 2023, and 15,000 such vehicles by 2025.

Beijing will source part of the hydrogen production from Yanshan Petrochemical Corp, owned by state refiner Sinopec Corp, which wants to become China's No.1 hydrogen player.

(Reporting by Chen Aizhu; Editing by Kim Coghill)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEIQI FOTON MOTOR CO., LTD. -1.78% 4.42 End-of-day quote.40.32%
CHINA PETROLEUM & CHEMICAL CORPORATION -1.93% 4.06 End-of-day quote.17.00%
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Financials
Sales 2021 2 536 B 387 B 387 B
Net income 2021 52 668 M 8 038 M 8 038 M
Net cash 2021 16 728 M 2 553 M 2 553 M
P/E ratio 2021 7,13x
Yield 2021 8,42%
Capitalization 507 B 77 337 M 77 343 M
EV / Sales 2021 0,19x
EV / Sales 2022 0,18x
Nbr of Employees 384 065
Free-Float 31,4%
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Mean consensus BUY
Number of Analysts 19
Average target price 4,33 CNY
Last Close Price 3,42 CNY
Spread / Highest target 48,3%
Spread / Average Target 26,7%
Spread / Lowest Target -4,60%
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Managers and Directors
NameTitle
Yong Sheng Ma President, General Manager & Executive Director
Donghua Shou Chief Financial Officer
Dong Zhao Chairman-Supervisory Board
Yu Zhuo Zhang Chairman
Min Tang Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
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