Sinopec Releases 2023 China Energy and Chemical Industry Development Report

On December 28, the "2023 China Energy and Chemical Industry Development Forum" hosted by Sinopec Economic and Technological Research Institute and co-organized by Wood Mackenzie was held
in Beijing.
With the theme of "Energy Transition and High-quality Development", the forum released the "2023 China Energy and Chemical Industry Development Report", which is the fifth consecutive year that Sinopec Economic and Technological Research Institute has released relevant reports
.

Zhang Shaofeng, member of the leading party group and chief accountant of Sinopec, delivered a speech
at the forum.
Experts from the National Information Center and Wood Mackenzie Consulting were invited to share and exchange
views on "Analysis and Outlook of Domestic and Foreign Macroeconomic Situation in 2022-2023" and "Reset of Energy Transition Process under Market Changes".
The research team of Sinopec Research Institute of Economics and Technology focused on energy transformation and high-quality development, and systematically displayed the research results
covering the whole industry chain of energy and chemical industry.

The "Report" pointed out that the upcoming year 2022 is an extraordinary year, China's energy and chemical industry has withstood the test in the international environment of high winds and waves, Chinese energy and chemical enterprises actively respond to huge shocks and severe challenges, continue to promote the high-quality development of the energy and chemical industry, and unswervingly contribute to the development
of China's modernization.
2023 is a key year for the implementation of the "14th Five-Year Plan", China's energy and chemical enterprises should take precautions and actively respond, not only to see the challenges and risks they face, but also to see the opportunities and space in the future, and maintain optimism and self-confidence
.

The "Report" believes that next year, the energy and chemical industry needs to anchor goals and do a good job in overall planning in order to achieve high-quality development
under the new pattern of "dual circulation".
It is important to note that global energy development is facing both security risks and low-carbon transition pressure, China's energy demand is resilient, the market is dynamic, and the development of renewable energy has entered a new stage of large-scale, market-oriented and high-quality development.
International oil and gas prices are still at a medium-high level, and the market needs to pay attention to the risk of weak demand caused by the economic downturn, the supply risk caused by the reduction of oil and gas reserves, the volatility risk caused by the decline in production in Russia, and the risk of market shortage caused by insufficient LNG infrastructure.
The energy industry should accelerate the construction of a "new energy system" characterized by low-carbon security, highlighting safety, reliability, cost-effectiveness, clean and low-carbon, and the energy and chemical industry should build green oil and gas fields, green refining and chemical industries, green storage and transportation systems, and green recycling systems; China's oil market demand has undergone structural changes, the refining industry has increased the survival of the fittest and transformation and development, refining technology has continued to innovate in the two directions of increasing the production of chemical raw materials and producing special products, and industrial policies have continuously guided the healthy development of the industry; Under the situation of increasing overcapacity of bulk petrochemical products, new chemical materials, as an important part of the national strategic emerging industry, will vigorously develop from the perspective of stable growth, structural adjustment and safety; Energy and chemical industry as a pillar industry of the national economy, but also one of the major carbon dioxide emitters, petrochemical industry industry long industrial chain, wide coverage, carbon reduction and consumption reduction is not easy, for this majority of scientific and technological workers are constantly innovating, a number of technologies are being developed or have been industrialized implementation
.