Sinopec, Shell, China Baowu and BASF will explore the development of open source CCUS to meet carbon targets
SHANGHAI, November 4, 2022 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has signed a non-binding memorandum of understanding with Shell, China Baowu and BASF to launch the world’s first 10 million ton carbon (CCUS) project in eastern China. The open-source project will help industries in the region decarbonize their operations and establish low-carbon supply chains, leading China Development of the CCUS and achievement of the region’s “dual carbon” objectives.
China Petroleum & Chemical Corporation (Sinopec) signed a non-binding MoU with Shell, China Baowu and BASF at CIIE 2022, to launch China’s first Carbon Capture, Utilization and Storage (CCUS) project than 10 million tons in the East China region.
CCUS, the carbon reduction process of capturing and efficiently using CO2 of industrial emissions, is a technology that has the potential to significantly reduce emissions on a large scale and be a key element on the road to carbon neutrality.
The project will explore the feasibility of transporting CO2 produced by industrial plants in the middle and lower reaches of the Yangtze River (including steel, chemical, electrical and cement enterprises) at 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 effective carbon reduction solution for industrial companies. Sinopec, Shell, China Baowu and BASF will not only support the decarbonization of current industries and the construction of low-carbon product value chains, but also accelerate the development of low-carbon products and a green circular economy. low carbon.
“Sinopec will work with Shell, China Baowu and BASF to expand commercial decarbonization and actively promote the development of the full chain of the CCUS industry, not only contributing to the green development of China, but also the world. Sinopec will continue to pursue mutually beneficial cooperation with global partners, achieve our high-level goals of openness and green development, and work towards achieving our peak carbon and carbon neutral goals,” said Ma Yongsheng, chairman of Sinopec.
Sinopec undertakes to lead China industrial development of the CCUS. In 2012, Sinopec launched China first coal-fired 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 initiate the use of CO2 the use of resources across all of its upstream and downstream businesses. Sinopec captured 1.52 million tonnes of CO2 in 2021. China first megaton-scale CCUS projectthe Qilu-Shengli Oilfield CCUS project, officially launched in early 2022.
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