State-run Chinese energy company Sinopec will invest more in the northeast city of Tianjin, China, to develop more oil, petrochemical, natural gas, lubricants, geothermal, and hydrogen projects to make the city become a new materials base and a logistics and sales center for petrochemicals in northeast China.
During 2021-2025, Sinopec plans to invest CNY70 billion (USD10.3 billion), according to the Tianjin government, Sinopec did not announce the figure.
At the moment, the company operates a 300,000 bpd at Tianjin and has already planned to expand its 60 mtpa Tianjin liquified natural gas (LNG) terminal to 10.8 mtpa by 2023.
Earlier in 2020, Sinopec had established Sinopec Capital fund, focusing on investments in new materials, new energy, energy conservation, big data, and high-end intelligent manufacturing.
