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Sinopec (SNP) to Boost Hydrogen Activities for Cleaner Energy
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China Petroleum & Chemical Corporation , also known as Sinopec, recently announced its intention to boost hydrogen activities in order to ensure emission reduction. President of the company, Mr. Ma Yongsheng suggested that industrial policy support, and technological research and development are required to achieve this feat.
Hydrogen energy has no terminal discharge and has various applications, which can be used to reduce carbon dioxide emissions. In fact, hydrogen energy can decrease emissions of carbon dioxide by 6 billion tons within 2050. Annual hydrogen demand in China can reach up to 60 million tons, which can help the nation to reduce 700 million tons of carbon dioxide emissions.
Sinopec’s hydrogen production capacity currently stands at 3.5 million tons per annum. Last year, it commenced ramping up integrated hydrogen energy industry chain construction. It now has several hydrogen refueling stations in cities like Guangdong, Guangxi, Shanghai, Zhejiang and others. Importantly, per China's 14th Five-Year Plan, Sinopec intends to build 1,000 refueling stations within the period. Moreover, the company has 10 operational oil-hydrogen mixing stations.
Its Beijing Yanshan Petrochemical Company can produce 500 kilograms of battery hydrogen products per day. Sinopec is set to provide clean energy during the 2022 Winter Olympics, which better promotes hydrogen energy’s market application. The move of expanding hydrogen activities is in line with the country’s ambition of reaching carbon neutrality by 2060. At 2018-end, hydrogen accounted for 2.7% of the country’s energy mix. The figure is expected to rise to 10% in the 2036-2050 period.
Price Performance
Sinopec has gained 28% in the past six months compared with 6.8% rise of the industry it belongs to.
Berry’s bottom-line estimates for 2021 have witnessed four upward revisions and no downward movement in the past 60 days.
EOG Resources’ bottom line for 2021 is expected to increase 205.5% year over year.
Pembina Pipeline’s bottom line for 2021 is expected to increase 29.3% year over year.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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Sinopec (SNP) to Boost Hydrogen Activities for Cleaner Energy
China Petroleum & Chemical Corporation , also known as Sinopec, recently announced its intention to boost hydrogen activities in order to ensure emission reduction. President of the company, Mr. Ma Yongsheng suggested that industrial policy support, and technological research and development are required to achieve this feat.
Hydrogen energy has no terminal discharge and has various applications, which can be used to reduce carbon dioxide emissions. In fact, hydrogen energy can decrease emissions of carbon dioxide by 6 billion tons within 2050. Annual hydrogen demand in China can reach up to 60 million tons, which can help the nation to reduce 700 million tons of carbon dioxide emissions.
Sinopec’s hydrogen production capacity currently stands at 3.5 million tons per annum. Last year, it commenced ramping up integrated hydrogen energy industry chain construction. It now has several hydrogen refueling stations in cities like Guangdong, Guangxi, Shanghai, Zhejiang and others. Importantly, per China's 14th Five-Year Plan, Sinopec intends to build 1,000 refueling stations within the period. Moreover, the company has 10 operational oil-hydrogen mixing stations.
Its Beijing Yanshan Petrochemical Company can produce 500 kilograms of battery hydrogen products per day. Sinopec is set to provide clean energy during the 2022 Winter Olympics, which better promotes hydrogen energy’s market application. The move of expanding hydrogen activities is in line with the country’s ambition of reaching carbon neutrality by 2060. At 2018-end, hydrogen accounted for 2.7% of the country’s energy mix. The figure is expected to rise to 10% in the 2036-2050 period.
Price Performance
Sinopec has gained 28% in the past six months compared with 6.8% rise of the industry it belongs to.
Zacks Rank & Other Stocks to Consider
Currently, Sinopec has a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include Berry Corporation (BRY - Free Report) , EOG Resources, Inc. (EOG - Free Report) and Pembina Pipeline Corporation (PBA - Free Report) , each holding a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Berry’s bottom-line estimates for 2021 have witnessed four upward revisions and no downward movement in the past 60 days.
EOG Resources’ bottom line for 2021 is expected to increase 205.5% year over year.
Pembina Pipeline’s bottom line for 2021 is expected to increase 29.3% year over year.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>