Sinopec strengthens energy transformation collaboration and common goals with the release of three research reports on energy and chemicals.

RIYADH, Saudi Arabia, April 23, 2025 – Sinopec (HKG: 0386) launched its first Global Energy Outlook 2060 report on April 21 at an event in Riyadh, Saudi Arabia, marking its initial overseas release of China’s energy and chemical industry reports. The China Energy Outlook 2060 (2025 Edition) and the 2025 China Energy and Chemical Industry Outlook were also unveiled at the event.

This marks Sinopec’s third event in Saudi Arabia, designed to boost energy transition cooperation and promote academic and industry dialogue.

The report is the first global energy forecast published overseas by a Chinese firm, utilizing advanced research methodologies. It projects global primary energy consumption to peak at 26.71 billion tonnes of standard coal by 2045, with renewables accounting for 51.8% by 2060. By 2060, energy consumption is expected to decline to 25.25 billion tonnes, with oil and gas comprising 35.7%.

Oil consumption is expected to reach its highest point in 2030 at 4.66 billion tonnes, shifting its primary use from transportation to industrial raw materials, while still representing 40% of transportation energy in 2060.

Significant growth is anticipated in non-fossil energy: hydrogen use will increase from 2% in 2023 to almost 50% by 2060, exceeding 340 million tonnes annually. CCUS capacity is projected to grow to 110 million tonnes by 2030 and 4.7 billion tonnes by 2060, facilitating the energy transition.

The China Energy Outlook 2060 (2025 Edition) forecasts that China’s primary energy consumption will stabilize after 2030, peaking between 6.8 and 7.1 billion tonnes of standard coal. Oil demand is expected to peak before 2027, with non-fossil energy surpassing fossil fuels in power generation by 2035. Energy-related CO₂ emissions are projected to peak at 10.8–11.2 billion tonnes before 2030, ensuring an early carbon peak.

The 2025 China Energy and Chemical Industry Outlook indicates that China’s total refining capacity will peak at 960–970 million tonnes per year by 2025. The chemical sector is expected to face olefin and aromatic overcapacity, with consistently high capacity levels in bulk chemical products.

For more insightful details of the reports, please visit .

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