Sinopec Corp has set up a new subsidiary in Xiong’an, near Beijing, to specialize in the hydrogen fuel business, China’s second-largest oil and gas company said on Friday. Sinopec Xiong’an New Energy Co. Ltd, a unit fully owned by Sinopec Corp, has registered capital of 100 million yuan, the company said. The new entity will engage primarily in building hydrogen infrastructure, managing hydrogen refueling stations as well as storage and pipeline transportation of the low-carbon fuel. The state giant has pledged to spend some $4.6 billion on hydrogen energy by 2025 as it pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050. read more Sinopec, which […]