(Source: "Petroleum Business Daily" January 25, 2026, Page 2)
Expert opinion: Dong Xiucheng, Executive Dean of China International Carbon Neutral Economic Research Institute, w88 casino
On January 14, the China Association of Automobile Manufacturers released data. In 2025, my country's new energy vehicle production and sales will exceed 16 million units, accounting for more than 50% of domestic new car sales, becoming the dominant force in my country's automobile market. This breakthrough marks a new stage in the transformation of my country's transportation energy consumption structure and has a profound impact on the development of the traditional energy industry.
As electrification accelerates in the transportation field, what opportunities and challenges do traditional energy companies face? How should we respond?
Dong Xiucheng:In terms of opportunities, firstly, the gas station network can be transformed into a comprehensive energy station with "oil, gas, hydrogen and electricity services", superimposing charging and swapping, hydrogenation, non-oil and other services to tap new traffic and profits; secondly, wind and solar power generation, green hydrogen preparation, energy storage, CCUS, etc. have become new growth curves, with great room for collaboration with power grids and car companies; thirdly, new energy vehicles have driven demand for EVA, carbon fiber, battery materials, etc., and there is broad room for the expansion of high value-added chemicals. In terms of challenges, firstly, the shrinkage of fuel vehicles has led to a continued decline in demand for gasoline and diesel, overcapacity in refining, and increased pressure on inventory and profitability; secondly, the passenger flow at gas stations has decreased, and the traditional single profit model is unsustainable, requiring large investment in transformation and a long return cycle; thirdly, power grids, new car-making forces, and third-party charging and swapping companies have entered the energy replenishment market, reshaping the competitive landscape. In the face of opportunities and challenges, traditional energy companies should actively respond. The first is to promote the integration of "oil, gas, hydrogen and electricity services", transform gas stations into comprehensive energy service stations, and expand non-oil and value-added services; the second is to deploy wind and solar power generation, green hydrogen, energy storage, and CCUS, develop new energy materials, and enhance the value of the entire chain; the third is to increase the research and development of new energy technologies and integrate resources through joint ventures, mergers and acquisitions, industrial funds, etc., to diversify transformation risks.
Ma Shaochao: At present, the sales of new energy vehicles continue to grow, which has reduced the demand for refined oil in fuel vehicles. However, plug-in and extended-range hybrid vehicles, which also require refined oil, still account for about 1/3 of new energy vehicle sales. This reflects the gradual adaptation process of consumers to energy transformation and means that the market demand for traditional fuel will still exist for a long time. In addition, new energy vehicles have created new chemical demands, and demand for special lubricants for electric drive systems and special materials for lithium battery separators has surged. Among them, high-purity polyethylene separator materials have become the high-end direction of refining and chemical companies. In addition, the future development of hydrogen fuel cells has put forward new demands for hydrogen energy supply. Hydrogen energy supply still relies on traditional energy sources such as natural gas, providing a transitional market space for refining and chemical companies.
Luo Yantuo: The rapid development of domestic new energy vehicles and the in-depth adjustment and accelerated iteration of the transportation energy consumption structure have brought great challenges to the domestic refining and chemical industry: On the one hand, refined oil sales companies need to accelerate their transformation into "oil, gas, hydrogen, electricity and non-oil" comprehensive energy service providers, keep up with the iteration speed of vehicle energy, and expand diversified energy replenishment and service businesses; on the other hand, the demand for refined oil is shrinking, oversupply and demand are intensifying, and the refining and chemical industry is accelerating its transformation. However, the rapid electrification of domestic transportation has also brought development opportunities to the refining and chemical industry: for example, the rapid development of new energy vehicles and low-altitude aircraft has driven rapid growth in demand for high-end chemicals, specialty petroleum coke and new materials; therefore, in recent years, refining and chemical companies have increased their efforts to "reduce oil and increase chemicals", "reduce oil and increase specialties" and "reduce oil and add materials", optimizing process flows and product structures to adapt to market changes.
At present, what key layouts have major domestic petroleum companies made in the field of new energy?
Dong Xiucheng: First, deploy new energy sources. PetroChina has achieved 9.6 GW of concentrated photovoltaic production, promoted the parallel operation of the three routes of "TOPCon, BC, and HJT", and plans to add approximately 10,000 new photovoltaic sites in 2027; CNOOC's Jiangsu and Guangdong projects have a cumulative installed capacity of over 1 million kilowatts, put into operation Weizhou Oilfield Group photovoltaic power stations, and deploy offshore photovoltaics. The second is to focus on CCUS. In the first half of 2025, PetroChina will capture and utilize 1.305 million tons of carbon dioxide and displace 300,000 tons of oil, and the entire industry chain will advance collaboratively; Sinopec and CNOOC are also continuing to deploy CCUS projects. The third is to deploy geothermal and energy storage. Sinopec actively develops geothermal and promotes the development of energy storage; PetroChina accelerates geothermal heating projects and promotes energy storage demonstration projects. The fourth is to deploy hydrogen energy. Sinopec has built 144 hydrogenation stations, 11 hydrogen supply centers, and 7 "hydrogen corridors". Sinopec leads the world in the number of hydrogenation stations. The fifth is to lay out a charging and swapping network. PetroChina and Sinopec are accelerating the transformation of "oil, gas and hydrogen power services", expanding the electric energy operation ecosystem, laying out charging and swapping stations, and developing comprehensive energy service stations.
Ma Shaochao: Major domestic oil companies are exploring differentiated new energy layout paths based on their own resources and network advantages. PetroChina is actively deploying the solar photovoltaic industry in oil fields. At the same time, it is anchoring the "oil, gas, hydrogen, electricity and electricity" comprehensive energy service model, launching the Kunlun Grid Power brand, acquiring Putian New Energy, and building a professional new energy vehicle energy replenishment operation and service platform. While developing comprehensive energy-adding stations for “oil, gas, hydrogen and electricity services”, Sinopec is also promoting the “Lighting of Ten Thousand Stations” campaign and promoting the integration of wind and solar “green power” with traditional businesses. In addition to onshore new energy business, CNOOC focuses on breaking through the offshore wind power field and exploring the "offshore wind power + oil and gas production" collaborative model.
Luo Yantuo: In recent years, PetroChina has firmly supported the optimization and adjustment of the national energy structure. Under the guidance of the direction of electrification of energy consumption and low-carbonization of electricity, PetroChina has adopted "clean substitution, strategic succession, and green transformation" as the overall deployment of green and low-carbon development, aiming to promote the optimization of domestic energy structure, corporate transformation, and sustainable development. In terms of green power production, PetroChina is actively deploying wind power and photovoltaic power generation; in terms of energy replenishment at sales terminals, it is actively deploying charging and swapping stations and hydrogenation stations in a market-oriented manner; in the development process, it pays attention to the integration of new technologies (such as the integrated development of light-storage-charging-swapping) and the comprehensive utilization of existing assets (such as promoting the transformation of existing gas stations into "comprehensive energy service stations", while revitalizing double low-voltage stations, etc.).
What should traditional energy companies do next?
Dong Xiucheng: Generally speaking, the next step for traditional energy companies should be to establish the core path of “consolidating main business + comprehensive energy + technological attack + ecological synergy” and promote transformation in stages.
In the short term, the first priority is to transform gas stations in core areas into comprehensive stations with "oil, gas, hydrogen, and electricity services" and lay out charging, swapping and hydrogenation facilities to quickly gain market share; the second is to replace them with self-contained green electricity, build distributed photovoltaic and wind power in oil and gas mining areas and refineries, reduce energy costs, and accumulate experience in new energy operations.
In the medium term, the first is to increase investment in wind and solar bases, offshore wind power, and green hydrogen projects to create an integrated wind and solar hydrogen storage base; the second is to promote CCUS demonstration and industrialization, participate in carbon trading, and improve carbon asset management capabilities; the third is to actively deploy EVA, carbon fiber, battery materials, etc., and expand high value-added chemicals related to new energy vehicles.
In the long term, the first is to lay out the frontiers of technology, increase research and development of solid-state batteries, efficient preparation of green hydrogen, new energy storage, etc., and seize the commanding heights of technology; the second is to achieve ecological synergy and integration, and in-depth cooperation with power grids, car companies, and battery companies to build a new energy industry ecosystem and realize the transformation from an energy supplier to a comprehensive service provider.
Ma Shaochao: Traditional energy companies must actively embrace new energy, transform into a "comprehensive energy service provider", and achieve coordinated development of oil, gas and new energy businesses. First of all, we should deepen the development of the wind, solar and hydrogen track, revitalize oil fields on land, and promote the integrated self-consumption of "oil, wind and solar"; rely on the advantages of marine engineering to lay out a collaborative model of offshore and deep-sea wind power and oil and gas production; for hydrogen energy, we will first use gray hydrogen to ensure production capacity, and gradually transition to green hydrogen. Secondly, we will work with power grids and photovoltaic companies to build a “source-grid-load-storage” microgrid to upgrade gas stations into energy hubs. Finally, relying on overseas oil and gas channels, infrastructure and financing advantages, we will promote the "oil and gas + wind and solar + hydrogen + energy storage" model to go overseas, and realize the upgrade from overseas oil and gas to overseas comprehensive energy services.
Luo Yantuo: At present, the traditional energy industry should speed up the layout of heavy truck charging and the construction of hydrogen corridors.
In 2025, in the fields of passenger cars and commercial vehicles, the penetration rates of domestic new energy vehicles will exceed 54.1% and 29.3% respectively, increasing by 7.2 and 9.0 percentage points respectively year-on-year. That is, the penetration acceleration of commercial vehicles has exceeded that of passenger cars. In the field of new energy heavy trucks, new energy heavy trucks have a large single charge capacity and relatively guaranteed charging services on intercity lines. Different from the difficulties in charging operations of passenger cars, driven by favorable factors such as w88-in policies, vehicle use economics and site operation benefits, the heavy truck industry is gradually maturing and should accelerate its layout. In addition, the national "15th Five-Year Plan" clearly proposes to "prospectively deploy future industries and promote hydrogen energy to become a new economic growth point." Local governments have followed this trend and actively deployed to speed up the construction of hydrogen corridors and open up hydrogenation channels.
In what direction do you think the energy industry will develop in the future?
Ma Shaochao: In the long run, renewable energy will become the core of the future energy system in the form of electricity. Traditional fossil energy will gradually withdraw from its dominant position and assume the core functions of peak shaving, energy security and chemical raw materials. The energy industry should take the multi-energy complementation of "wind, solar, gas and hydrogen storage" as the core structure, promote the integration of land-based "oil, wind, solar, and storage" and sea-based deep-sea wind power projects on a large scale, rely on CCUS technology to achieve low-carbon utilization of fossil energy, add the advantages of rapid start-up and stop of gas and electricity to smooth wind and solar fluctuations, and hydrogen energy to connect energy storage and terminal applications to form a stable and efficient energy supply pattern. At the same time, networked energy storage, long-term energy storage and large-capacity battery cell technology have become the focus of research, and the V2G vehicle network collaboration between new energy vehicles and the power grid will also become an important supplement to new energy storage.
