China Petroleum & Chemical Corporation — also known by its brand name Sinopec, the world's leading oil refiner by capacity — has made a significant shale gas discovery in the Sichuan basin in southwestern China, the company said in a statement.

The finding has been seen as a major breakthrough for China’s shale gas exploration. The site boasts a daily natural gas production potential of 258,600 cubic meters and an evaluated resource capacity of 387.8 billion cubic meters.

It is also the first discovery in the Cambrian Qiongzhusi formation that will significantly expand shale gas reserves and further promote shale gas exploration and production in the Sichuan Basin.

Separately, Sinopec was also the top buyer of Russian Far East crude grade ESPO in May and June, part of its move to diversify crude oil sourcing and manage costs, as reported by Reuters.

As part of its green strategy, Sinopec is also investing in hydrogen fuel and carbon storage and capture, with 83 hydrogen filling stations currently and another 31 on the way. The company also has plans to build 5000 charging and battery swap stations by 2025. It currently has 200 electric charging stations using mostly solar power.

Additionally, Saudi oil giant Aramco has partnered with Sinopec in multiple areas of potential collaboration, including the assessment of refining and petrochemical integration opportunities; continued engineering, procurement and construction; oilfield services; upstream and downstream technology development; and collaboration across carbon capture and hydrogen processes.