China Petrochemical Corporation plans to invest 20 billion yuan to support Hubei's post-epidemic revitalization and development.

On June 3, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and the Hubei Provincial Party Committee and Government jointly held a video conference titled "Central Enterprises Supporting Hubei's Post-Epidemic Revitalization and Development." During the meeting, Zhang Yuzhuo, Chairman and Secretary of the Party Leadership Group of Sinopec, announced that Sinopec will invest more than 20 billion yuan in Hubei to help the province recover and thrive after the pandemic, vigorously promoting the upgrading of its local industrial base and the modernization of its industrial chains. Sinopec's initiatives to support Hubei's post-pandemic recovery and development will focus on four key areas: First, collaborating on the exploration and development of shale gas resources in western Hubei, aiming to establish a production capacity of 1 billion cubic meters by the end of the 14th Five-Year Plan period, while simultaneously accelerating the construction of the Jianghan Salt Cavern Natural Gas Storage Facility. Second, fulfilling the requirements for the comprehensive protection of the Yangtze River by speeding up

Release date:

2020-06-05

　　On June 3, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) jointly held a video conference with the Hubei Provincial Party Committee and Provincial Government, focusing on how central enterprises can support Hubei's post-epidemic revitalization and development. During the meeting, Zhang Yuzhuo, Chairman and Secretary of the Party Leadership Group of Sinopec, announced that Sinopec will invest more than 20 billion yuan in Hubei, helping the province rebuild and thrive after the pandemic while vigorously promoting the upgrading of its local industrial base and the modernization of its industrial chains.

　　China Petrochemical Corporation is set to support Hubei's post-epidemic revitalization and development through investments in four key areas. First, the company will collaborate on advancing shale gas exploration and development in western Hubei, aiming to establish a production capacity of 1 billion cubic meters during the 14th Five-Year Plan period, while simultaneously accelerating the construction of the Jianghan salt-cave natural gas storage facility. Second, China Petrochemical Corporation will align with the Yangtze River conservation initiatives by expediting major projects such as the refining industry restructuring at Sino-Korea Petrochemical, thereby helping Hubei's petrochemical sector upgrade and modernize. Third, the company will enhance Hubei's refined oil distribution network and actively explore new energy projects, including geothermal, hydrogen, and river-source energy solutions, contributing to the development of a green energy hub. Finally, China Petrochemical Corporation will fulfill its social responsibilities by stepping up recruitment efforts at universities in Hubei Province and for graduates from Hubei, while also creating more job opportunities for migrant workers, thus supporting Hubei's stable employment goals.

　　Zhang Yuzhuo stated that Sinopec will thoroughly implement the important instructions of General Secretary Xi Jinping, follow the decisions and arrangements of the CPC Central Committee, and, under the guidance of the State-owned Assets Supervision and Administration Commission of the State Council, steadily advance the "Six Stabilizations" and fully carry out the "Six Guarantees" tasks. Together, we will comprehensively enhance our level of cooperation and strive to provide strong support in igniting a new engine for the Jingchu region.

　　It is understood that Hubei Province is one of the regions in China with the highest concentration of enterprises affiliated with Sinopec, the most complete industrial chain, and the greatest potential for development. Currently, there are 11 directly-operated enterprises and other branch offices based in Hubei, with total assets amounting to 116.7 billion yuan, employing a workforce of 50,000 people. In 2019, these companies contributed 22.2 billion yuan in taxes and fees to the local economy.

　　During the pandemic, Sinopec earnestly implemented the decisions and arrangements made by the CPC Central Committee and the State Council. Acting swiftly in response to the call, Sinopec stepped forward boldly, standing firmly alongside the people of Hubei to overcome these challenging times together. The company urgently ramped up production to ensure a steady supply of critical medical and health materials, while simultaneously maintaining uninterrupted operations at its affiliated enterprises—guaranteeing continuous oil and gas deliveries, stable commodity prices, and round-the-clock services. Additionally, Sinopec promptly organized donations of both funds and supplies, making its due contribution to helping Hubei and Wuhan successfully fight the battle against the epidemic.

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