Strong growth in China's new energy vehicles (NEVs) will lead Sinopec to adjust its refining output toward petrochemical products, as stated by the company's president Zhao Dong, according to Argus media. This shift is driven by the increasing penetration of NEVs, resulting in the removal of 20 million gasoline-fueled cars annually. Sinopec's strategy includes upgrading its Jiujiang refinery and focusing on high-quality petrochemicals. Additionally, China's NEV sales are expected to surpass 50% in the next three months, with significant infrastructure developments in NEV charging facilities. Despite these changes, Sinopec anticipates continued growth in China's oil consumption until it peaks in 2030, while gas consumption is forecasted to rise until 2040. The company aims to align with Beijing's emissions targets, potentially achieving net-zero emissions ahead of China's 2060 goal.