China Petrochemical Corp, or Sinopec, has launched a dedicated unit to engage in carbon dioxide capture and storage as well as equity investments in carbon-related assets, the company said.
The new company, Sinopec Carbon Industry Technology Co. Ltd., has registered capital of 2.5 billion yuan ($352.06 million) with Sinopec Corp holding a 46 percent stake and Sinopec’s Nanjing Chemical Industries Corp holding 43 percent, the company said in a statement Thursday.
Other stakeholders include several of Sinopec’s engineering subsidiaries as well as Sinopec’s oil and gas trading arm Unipec, the latter of which set up a carbon trading desk last year.
The company is based in the eastern city of Nanjing where Sinopec has the strongest carbon industry knowledge reserves, the statement said.
Last month, Sinopec operated the country’s largest carbon capture, utilization and storage (CCUS) facility in eastern China and plans to build two more plants of the same size by 2025.
Sinopec said it aims to capture and store 3 million tonnes of CO2. per year and utilize 2 million tonnes per year by 2025.
Under the national goal of achieving peak carbon emissions by 2030 and carbon neutrality by 2060, national energy companies including Sinopec have pledged multi-billion dollar investments in low-carbon sectors, such as renewable power generation, hydrogen fuel and carbon capture.
Last month, Sinopec operated the country’s largest carbon capture, utilization and storage (CCUS) facility in eastern China and plans to build two more plants of the same size by 2025.
Sinopec said it aims to capture and store 3 million tonnes of CO2. per year and utilize 2 million tonnes per year by 2025.
Under the national goal of achieving peak carbon emissions by 2030 and carbon neutrality by 2060, national energy companies including Sinopec have pledged multi-billion dollar investments in low-carbon sectors, such as renewable power generation, hydrogen fuel and carbon capture.
Source : EGINDO.Co