The Project, expected to be put into production by the top of 2021, marks a key milestone within the construction progress of China’s CCUS projects and maybe a huge demonstration of the industry’s development. it’s also of great significance to reinforce China’s carbon emissions reduction capabilities and build an “artificial carbon cycle” model because the country advances to succeed in peak carbon emissions by 2030 and carbon neutrality by 2060. CCUS is a crucial technical means to deal with global climate change and control greenhouse emission emissions, capturing and purifying CO2 emitted during the production and utilizing it during a new production process for recycling and storage.
The megaton-scale Project launched by Sinopec consists of two parts – Sinopec Qilu’s CO2 capture and Shengli Oilfield’s CO2 displacement and storage. Sinopec Qilu captures the CO2 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 CO2 underground. As an important 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 plenty of carbon emissions within the future, effectively promoting the purification of fossil energy, the scaled development of unpolluted energy, and low-carbon production.
“According to IEA, CCUS will contribute about 14 percent of CO2 emissions reduction by 2050, and therefore the market application prospects are very promising. Developing CCUS may be a trend also 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, also as a CO2 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 create another megaton CCUS demonstration base within the next five years, realizing industrialized CCUS development and widening further prospects as China advances to realize peak carbon and carbon neutrality. Sinopec Corp. is one of the most important integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and gas; the sale, storage, and transportation of petroleum products, petrochemical products, coal chemical products, man-made 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 knowledge.
Sinopec sets ‘fueling beautiful life’ as its corporate mission, puts ‘people, responsibility, integrity, precision, innovation and win-win’ as its corporate core values, pursue strategies of value-orientation, innovation-driven development, integrated resource allocation, open cooperation, and green and low-carbon growth, and strives to realize its corporate vision of building a world-leading energy and chemical company.