PR98636

SHANGHAI, Nov. 4, 2022 /PRNewswire=KYODO JBN/ --

- Sinopec, Shell, China Baowu and BASF will explore open-source CCUS

development to achieve carbon goals

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.

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

(https://www.prnewswire.com/news-releases/sinopec-completes-chinas-first-megaton

-scale-carbon-capture-project-301471112.html), officially launched in early

2022.

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

SOURCE: SINOPEC

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=433113

   Caption: 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.