With the recent downfall in the prices of oil, many oil production and processing companies are looking at alternatives sources to diversify their revenue channels and be relevant in the changing times. There are plenty of opportunities available for those companies to transition into more sustainable and more lucrative industries.
Sinopec Group, world’s largest company by revenue and Asia’s largest oil refiner is shifting away from oil production and processing and entering into more sustainable and lucrative industries partly due to the demand towards clean energy, environmental protection and new materials.
Mr. Fu Chengyu, Chairman Sinopec explained that the company will be establishing industrial parks, investment fund and a research institute to speed up their innovation. Geothermal, BioFuel, Solar, Wind Energy, and environmental protection unit to reduce pollution in China and special materials for 3D printing.
As per Chairman Fu, “I hope that after a decade or so, we will be a science based petrochemical company. Research is being conducted to explore 3D printing businesses, and to create conditions for the development of 3D printing materials.”
An analyst at UOB-Kay Hian Ltd. in Shanghai, Shi Yan, tells Bloomberg, “It’s smart to explore opportunities in high-margin products in new materials and services businesses, as lower crude prices have choked almost every oil explorer in the world. Ideally, Sinopec wants to turn itself into China’s DuPont.”