2021 China Energy and Chemical Industry Development Report' released

Recently, the "2021 China Energy and Chemical Industry Development Report" compiled by the Sinopec Research Institute of Economics and Technology was released in Beijing. The report shows that during the 14th Five-Year Plan period, my country will become one of the practitioners to promote global carbon emissions to peak in advance. By 2025, the proportion of fossil energy in my country will be 3.1 percentage points lower than that at the end of the 13th Five-Year Plan; the proportion of non-fossil energy will continue to increase, reaching 18.8%.

According to the report, during the 14th Five-Year Plan period, my country’s refining and chemical industry will enter a period of full release of new capacity and fierce competition. It is also a period of industry integration, transformation and upgrading. The marketization of refined oil products will basically be completed, and the development of high-end and green chemical products will become new trend.

With the continuous improvement of the overall strength of the refining and chemical industry, the development focus of the "14th Five-Year Plan" will be to accelerate structural adjustment and achieve high-quality development. At present, China's oil refining and ethylene capacity steadily ranks second in the world, PX production capacity has leapt to the world's first, and the number of 10 million-ton refineries has increased, forming refining and chemical industry clusters in the Bohai Rim, Yangtze River Delta, and Pearl River Delta.

The report shows that during the "14th Five-Year Plan" period, affected by the development of new energy vehicles, the growth rate of oil demand will slow down significantly and approach a peak; and natural gas, as a low-carbon energy source, will still maintain an average annual consumption growth rate of more than 7% . Domestic exploration and development investment continues to increase, ensuring a nearly 200 million tons of oil production and a domestic gas growth rate of about 5%.

The report also predicts that my country's hydrogen fuel vehicles and hydrogen refueling stations will still be mainly used for demonstration operations by 2025, and fuel cell vehicles are expected to reach a million-level commercial application scale in 2035.