Sinopec Showcases Green Development Achievements at COP29

Rhea-AI Summary

Sinopec (HKG: 0386) announces major green development initiatives at COP29, including the formation of the International CCUS Technology Innovation Cooperation Organization with SABIC and Kazakhstan National Oil. The company has recycled over 8.55 million tons of CO₂ through CCUS technologies, with approximately 5.75 million tons being injected for enhanced oil recovery. Sinopec imports 180 million tons of crude oil annually from Belt and Road Initiative countries and trades over 20 million tons of refined oil products. The company is involved in 32 oil and gas exploration projects and has established Sinopec Tech Middle East in Saudi Arabia to promote technological innovation.

Positive

• Successfully recycled 8.55 million tons of CO₂ through CCUS technologies
• Handles significant trade volume: 180M tons crude oil imports, 20M tons refined products
• Operating 32 oil and gas exploration projects along Belt and Road routes
• Enhanced oil recovery yielding over 600,000 tons through CO₂ injection

Negative

• None.

BAKU, Azerbaijan, Nov. 14, 2024 /PRNewswire/ -- In a significant move to bolster global climate and environmental governance, China Petroleum & Chemical Corporation ("Sinopec", HKG: 0386) presents its high-quality green development approach, urging enhanced collaboration among companies from Belt and Road Initiative partner countries, to jointly promote the sustainable, low-carbon, and high-quality growth of the energy and chemical sectors.

Ma Yongsheng, chairman of Sinopec, announces to collaborate with Saudi Basic Industries Corporation (SABIC), Kazakhstan National Oil, and other oil giants to establish the International CCUS Technology Innovation Cooperation Organization, during the inaugural Yabuli Annual Conference on Sustainable Development held at China Pavilion during COP29.

"Our joint efforts will drive the green, low-carbon, and high-quality progress of the energy and chemical sectors, revitalizing and contributing substantially to the creation of a clean and beautiful world," emphasized Ma.

Over recent years, Sinopec has significantly advanced its capabilities in CCUS technology; notable projects include the Qilu Petrochemical-Shengli Oilfield CCUS Demonstration Project, and China's first megaton-level long-distance CO₂ pipeline project. Collaborative ventures have also been initiated with major corporations like Shell, China Baowu, and BASF, among others, launching China's first open-access mega-ton-scale CCUS project.

Since deploying the CCUS technologies nearly ten years ago, more than 8.55 million tons of CO₂ have been recycled by Sinopec, and about 5.75 million tons are being injected, contributing significantly towards enhanced oil recovery efforts yielding over 600,000 tons.

Sinopec's ongoing efforts include importing 180 million tons of crude oil annually from Belt and Road Initiative countries, engaging in substantial trade of refined oil products amounting to over 20 million tons per year, as well as nearly 7 million tons of LNG trades. The company is actively involved in 32 oil and gas exploration projects along these routes.

The establishment of Sinopec Tech Middle East in Saudi Arabia marks another step towards fostering open innovation ecosystems globally. Collaborations extend across Europe and Southeast Asia with numerous prestigious universities, enhancing scientific partnerships that have led to multiple technology licensing agreements since 2013, involving critical refining processes like catalytic cracking.

In addition, Sinopec has implemented green production technologies locally, such as using ultra-quiet zero-emission drilling rigs in Uganda, which minimize environmental impact on wildlife. In Ecuador's rainforests, Sinopec continues its sustainable practices, that are empowered by green manufacturing technology. In Saudi Arabia, where approximately 15,000 trees were planted by Sinopec.

 

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SOURCE SINOPEC

FAQ

What is Sinopec's annual crude oil import volume from Belt and Road Initiative countries?

Sinopec imports 180 million tons of crude oil annually from Belt and Road Initiative countries.

How much CO2 has Sinopec recycled through its CCUS technologies?

Sinopec has recycled more than 8.55 million tons of CO2 through its CCUS technologies, with approximately 5.75 million tons being injected for enhanced oil recovery.

What major collaboration did Sinopec announce at COP29?

At COP29, Sinopec announced collaboration with SABIC and Kazakhstan National Oil to establish the International CCUS Technology Innovation Cooperation Organization.