China oil major Sinopec partners with South Korea's LG Chem to develop battery materials

LG Chem

04/11/2025 03:53

By Sam Li and Chen Aizhu

BEIJING/SINGAPORE, Nov 4 (Reuters) - China's Sinopec 600028.SS, the world's biggest refiner by capacity, signed an agreement with South Korea's LG Chem 051910.KS on Tuesday to jointly develop sodium-ion battery materials, in its first push into new energy and higher-value petrochemicals.

The companies will focus on energy-storage systems and batteries for low-speed EVs in China and globally, jointly developing key materials to speed up commercialisation, Sinopec said in a statement.

China's sodium-ion market is expected to grow from 10 GWh in 2025 to 292 GWh by 2034, with China producing more than 90% of global output by 2030, Sinopec added, citing a market report.

The company said sodium-ion batteries offer resource and cost advantages over lithium-ion, with improved safety, faster charging, and stronger low-temperature performance compared with lithium iron phosphate batteries.

"Through this cooperation with Sinopec, we will develop next-generation battery materials at the right time and continue to strengthen a business portfolio aligned with customers' future strategies," LG Chem CEO Hak Cheol Shin said.

 (Reporting by Sam Li and Aizhu Chen; Editing by Kate Mayberry)

 ((Sam.Li@thomsonreuters.com;))