The Beijing-based mega petroleum and petrochemical enterprise group China Petroleum & Chemical Corporation (Sinopec) is starting the construction of China’s first million-ton-level Carbon Capture Utilization Storage (CCUS) project in Sinopec Qilu – Shengli Oilfield. The construction is set to become the country’s largest demonstration base for the whole industrial chain CCUS. CCUS technologies provide the foundation for large-scale low carbon development, in line with China’s goal of achieving peak carbon emissions by 2030 carbon neutrality before 2060.
The Project, expected to be put into production by the end of 2021, signifies 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. CCUS emphasizes an important technological approach for removing carbon and delivering a net-zero energy system to cope with global climate change, control greenhouse gas emissions, capturing and purifying carbon dioxide emitted during production and utilizing it in a new production process for recycling and storage.
“According to IEA, CCUS will contribute about 14% 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 capture, 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,”Mr. Zhang Yuzhuo, Chairman of Sinopec
Sinopec aims to build another megaton CCUS demonstration base in the next five years to further boost China’s advancement towards global energy transition.
Sinopec Group is the largest oil and petrochemical products suppliers and the second-largest oil and gas producer in China, the largest refining company and the third-largest chemical company in the world.