PR91860

SHANGHAI, Sept. 23, 2021 /PRNewswire=KYODO JBN/--

Sinopec receives the first carbon-neutral petroleum certificate issued by

Shanghai Environment and Energy Exchange (SEEE)

Shanghai Environment and Energy Exchange (SEEE) has issued the first carbon

neutral petroleum certificate to Sinopec (HKG: 0386, "Sinopec"), Cosco Shipping

and China Eastern Airlines at the certification ceremony for China's first

shipment of full life cycle carbon-neutral petroleum held on September 22 in

Shanghai, China.

Sinopec, Cosco Shipping and China Eastern Airlines have taken their respective

advantages to jointly develop an innovative practice of building "a new model

of green transportation," exploring a cross-industry, full-cycle and

zero-emission path – a milestone significance as China's transportation and

energy sectors promote to reach peak carbon emissions and achieve carbon

neutrality.

The crude oil of this carbon neutral petroleum project was produced from

Sinopec International Petroleum Exploration and Production Corporation's share

of oil in Angola and was imported by Sinopec's trading arm Unipec with Cosco

Shipping as the carrier. The crude oil shipment travelled over 9,300 nautical

miles across the Atlantic, Indian and Pacific oceans, arriving at Ningbo

Zhoushan Port. The 30,000 tons of crude oil was later transported to the

Sinopec Gaoqiao Petrochemical Corporation refinery.

Sinopec will officially launch the carbon-neutral gasoline and diesel products

to the public at designated gas stations this year. In the meantime, Sinopec

will be supplying 5,417 tons of jet fuel to China Eastern Airlines to build

carbon-neutral flights as a joint effort.

To offset the carbon emissions produced throughout the life cycle of the

shipment of oil, Sinopec, Cosco Shipping and China Eastern Airlines actively

implemented energy saving and emission reduction strategies, purchased Chinese

Certified Emission Reduction (CCER) carbon credits, and hired SEEE as the

carbon neutral certification authority.

The project invited China Classification Society Certification Company (CCSC)

as the third-party verification agency to measure the carbon dioxide produced

throughout the entire life cycle, from oil exploitation, transportation,

storage, refining to product consumption accurately, and then equally offset

the emissions to complete China's first carbon neutral oil shipment.

The three companies have played their respective advantages to reach a common

goal. Sinopec took on the responsibility of offsetting the carbon emissions

produced from exploitation, storage, processing, transportation of petroleum

products, motor gasoline and diesel and LPG combustion; Cosco Shipping

undertook the carbon emissions offset responsibility of crude oil

transportation and marine fuel combustion; and China Eastern Airlines took on

the responsibility of offsetting carbon emissions from aviation kerosene

combustion.

"Sinopec is committed to achieve green and low-carbon development. This carbon

neutral petroleum project has achieved carbon neutrality from the 'cradle' to

the 'grave' with every drop of oil. It is also the first carbon emissions

offset endeavor carried out by companies across three industries, realizing

full coverage of carbon neutralization of land, sea and air transportation. The

project is of positive effect, and we will thrive to provide safer, cleaner and

diversified energy while meeting the target requirements of reaching carbon

peak and achieving carbon neutrality," said Ling Yiqun,  Vice President of

Sinopec Group.

The petroleum sector has a long process chain with complicated technological

processes and difficulties in calculating the carbon emissions. Faced with the

new standards of carbon peak and carbon neutrality and to be in line with the

general trend of energy transition, the oil and gas industry must find a new

development direction that is green, sustainable and reduces carbon and

emissions.

Sinopec collaborated with Cosco Shipping and China Eastern Airlines to carry

out China's first shipment of full life cycle carbon neutral oil trade,

accurately measuring and offsetting carbon emissions from the project. This

partnership explored a clear path to achieve carbon neutral oil trade to

establish an industry benchmark and an example to lead the green and clean

development of the industry.

For more information, please visit: Sinopec ( http://www.sinopec.com/listco/en/

).

Source: SINOPEC

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   Link: http://asianetnews.net/view-attachment?attach-id=401667

   Caption: Production Facility of Sinopec Gaoqiao Petrochemical Corporation.