PR90484

BEIJING, July 6, 2021 /PRNewswire=KYODO JBN/ --

- Creating an artificial carbon cycle model in the push for peak carbon

emissions

China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has initiated

China's first megaton carbon capture, utilization and storage (CCUS) project,

the Sinopec Qilu-Shengli Oilfield CCUS (the "Project"). It is set to become

China's largest whole industrial chain CCUS demonstration base and application

case for promoting the large-scale development of CCUS in China.

The Project, expected to be put into production by the end of 2021, marks a key

milestone in the construction progress of China's CCUS projects and is a huge

demonstration of the industry's development. It is also of great significance

to enhance China's carbon emissions reduction capabilities and build an

"artificial carbon cycle" model as the country advances to reach peak carbon

emissions by 2030 and carbon neutrality by 2060.

CCUS is an important technical means to cope with global climate change and

control greenhouse gas emissions, capturing and purifying carbon dioxide

emitted during production and utilizing it in a new production process for

recycling and storage.

The megaton-scale Project launched by Sinopec consists of two parts – Sinopec

Qilu's carbon dioxide capture and Shengli Oilfield's carbon dioxide

displacement and storage. Sinopec Qilu captures the carbon dioxide and

transports it to the Shengli Oilfield for further displacement and storage,

achieving an integrated application of carbon capture, displacement and storage

to seal the carbon dioxide underground.

To learn more about the project, please visit here(

https://www.youtube.com/watch?v=24g2bb-AJSY ).

The Project is estimated to reduce carbon emissions by 1 million tons per year,

the equivalent of planting nearly 9 million trees and shutting down 600,000

economy cars. China's large oil initially in place (OIIP) is suitable for

carbon dioxide displacement and advancing development of the CCUS industry will

establish sound support for ensuring China's energy security and promoting

low-carbon transformation of the fossil energy industry.

As an essential technological path for achieving carbon neutrality, CCUS has

tremendous potential for emissions reduction and broad prospects for industrial

use. Studies have shown that CCUS will neutralize China's 1 billion tons of

carbon emissions in the future, effectively promoting the purification of

fossil energy, the scaled development of clean energy and low-carbon production.

Mr. Zhang Yuzhuo, Chairman of Sinopec, noted that CCUS is an important measure

to effectively promote carbon emissions reduction.

"According to IEA, CCUS will contribute about 14 percent of carbon dioxide

emissions reduction by 2050, and the market application prospects are very

promising. Developing CCUS is a trend as well as a mission. Sinopec will

research and establish a carbon capture, utilization and storage R&D center to

advance a series of core technologies and bottleneck problems throughout the

links of carbon capturing, transportation, utilization and storage, as well as

a carbon dioxide utilization technology innovation system of 'technological

development-project demonstration-industrialization,' extending the clean

carbon sequestration industry chain and creating an innovative hub for carbon

emissions reduction technologies," said Mr. Zhang.

Sinopec aims to build another megaton CCUS demonstration base in the next five

years, realizing industrialized CCUS development and widening further prospects

as China advances to achieve peak carbon and carbon neutrality.

About Sinopec

Sinopec Corp. is one of the largest integrated energy and chemical companies in

China. Its principal operations include the exploration and production,

pipeline transportation and sale of petroleum and natural gas; the sale,

storage and transportation of petroleum products, petrochemical products, coal

chemical products, synthetic fiber, fertilizer and other chemical products; the

import and export, including an import and export agency business, of

petroleum, natural gas, petroleum products, petrochemical and chemical

products, and other commodities and technologies; and research, development and

application of technologies and information.

Sinopec sets 'fueling beautiful life' as its corporate mission, puts 'people,

responsibility, integrity, precision, innovation and win-win' as its corporate

core values, pursues strategies of value-orientation, innovation-driven

development, integrated resource allocation, open cooperation, and green and

low-carbon growth, and strives to achieve its corporate vision of building a

world leading energy and chemical company.

For more information, please visit Sinopec(

http://www.sinopecgroup.com/group/en/ ).

SOURCE  SINOPEC

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=395508

   Caption: Sinopec Launches China’s First Megaton Scale Carbon Capture Project.

   Link: http://asianetnews.net/view-attachment?attach-id=395510

   Caption: Sinopec initiated China’s first megaton carbon capture, utilization and storage

(CCUS) project -  the Sinopec Qilu-Shengli Oilfield CCUS project.