Sinopec, Shell, China Baowu and BASF will explore open-source CCUS development to achieve carbon goals
SHANGHAI, Nov. 4, 2022 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has signed a non-binding MoU with Shell, China Baowu and BASF to launch the first 10-million-ton carbon capture, utilization and storage (CCUS) project in East China. The open-source project will support industries in the region to decarbonize their operations and establish low-carbon supply chains, leading China's CCUS development and achieving the region's "dual carbon" goals.
China Petroleum & Chemical Corporation (Sinopec) signed a non-binding MoU with Shell, China Baowu and BASF at CIIE 2022, to launch China’s first 10-million-ton carbon capture, utilization and storage (CCUS) project in the East China region.
CCUS, the carbon reduction process of capturing and making effective use of CO2 from industrial-sourced emissions, is a technology that has the potential to significantly reduce emissions on a large scale and be a key component on the path to achieve carbon neutrality.
The project will explore the feasibility of transporting the CO2 produced by industrial plants in the middle and lower reaches of the Yangtze River(including from steel, chemical, power, cement companies) to a CO2 receiving station, then transport the CO2 to onshore or offshore storage sites via short-distance pipelines. It aims to offer a flexible and efficient carbon reduction solution for industrial companies. Sinopec, Shell, China Baowu and BASF will not only support the decarbonization of current industries and building of low-carbon product value chains, but also accelerate the development of low-carbon products and a green low-carbon circular economy.
"Sinopec will work together with Shell, China Baowu and BASF to expand commercial decarbonization and actively promote the development of the full CCUS industry chain, not only making contributions to the green development of China, but also the world. Sinopec will continue to aim for mutually beneficial cooperation with global partners, fulfill our high-level opening-up and green development goals, and work towards realizing our carbon peaking and carbon neutrality goals," said Ma Yongsheng, president of Sinopec.
Sinopec is committed to leading China's industrial development of CCUS. In 2012, Sinopec launched China's first coal-burning power plant CCUS project in Shengli Oilfield, and in 2015 collaborated with Sinopec Nanjing Chemical Industries Co., Ltd. and Sinopec East China Oil and Gas Company to pioneer the utilization of CO2 resources utilization throughout its upstream and downstream companies. Sinopec captured 1.52 million tons of CO2 in 2021. China's first megaton-scale CCUS project, the Qilu-Shengli Oilfield CCUS project, officially launched in early 2022.
For more information, please visit Sinopec.
Source: SINOPEC Related Stocks: HongKong:0386 OTC:SNPTY