Sinopec, Great Wall sign deal to develop China's hydrogen industry

London (Quantum Commodity Intelligence) - Chinese state-controlled oil major Sinopec has signed a strategic cooperation agreement to develop the country's hydrogen industry with domestic auto manufacturer Great Wall Holding Group, according to local media reports Wednesday.

According to the agreement, the companies will work together on hydrogen technology research and development and capital requirements to drive the creation of upstream and downstream assets in the domestic industry.

Sinopec plans to build 1,000 hydrogen refuelling stations or oil-hydrogen combined construction stations, 5,000 charging and swapping stations, and 7,000 distributed photovoltaic power generation stations by 2025 to create an "oil-gas-hydrogen-electricity service," said Sinopec Chairman Zhang Yuzhuo at an industry seminar in Shanghai.

The oil giant is the world's biggest refiner and second-largest chemical company and has made a series of moves in the last 12 months as part of its strategy to build a strong position in the burgeoning market for hydrogen.

Great Wall Holdings Group is a conglomerate encompassing auto manufacturing, real estate and other industries.

It is China's largest builder of SUVs and trucks, selling over 1.1 million vehicles in total last year, and also has a global sales network spreading across more than 60 countries.