Sinopec plans to spend $4.6 billion on hydrogen energy by 2025

China’s Sinopec Corp plans to spend 30 billion yuan ($4.6 billion) on hydrogen energy by 2025 as the state oil NSE -0.17 % and gas major pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050.

Asia’s biggest oil refiner said on Monday it plans to become China’s largest company to produce hydrogen for use as a transportation fuel, targeting annual capacity of 200,000 tonnes of hydrogen refuelling by 2025.