China’s Refining Giant Jumps Into the Battery Business

Core Insights - Sinopec has established a joint venture with LG Chem to develop sodium-ion batteries, marking its entry into the battery industry [1][2] - The collaboration aims to enhance technology and market competitiveness, aligning with Sinopec's vision of becoming a leading clean energy and premium chemical company [2] - The demand for sodium-ion batteries is projected to increase significantly, from 10 GWh in 2023 to 292 GWh by 2034, with China expected to dominate global production [5] Company Overview - Sinopec is the largest oil refiner globally, with a refining capacity of approximately 6 million barrels per day [3] - The company is also a major crude oil and gas producer in China, anticipating that peak oil demand in the country will occur soon, at around 16 million barrels daily [3] Financial Performance - Sinopec reported a 32% decline in net profits for Q3, attributed to lower oil prices and sluggish demand growth [4]