China’s Sinopec launches carbon capture, investment unit
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CHINA Petrochemical, or Sinopec, has launched a specialised unit to engage in capturing and storing carbon dioxide as well as equity investment in carbon-related assets, the company said.
The new firm, Sinopec Carbon Industry Technology, has registered capital of 2.5 billion yuan (S$500 million) with Sinopec holding a 46 per cent stake and Sinopec’s Nanjing Chemical Industries holding 43 per cent, the company said in a statement on Thursday (Sep 22).
Other stakeholders included several engineering subsidiaries of Sinopec as well as Sinopec’s oil and gas trading arm Unipec, the latter having set up a carbon trading desk last year.
The firm is based in the eastern city of Nanjing where Sinopec has the strongest reserve of carbon industry know-how, the statement said.
Last month, Sinopec put into operation the country’s largest carbon capture, utilisation and storage (CCUS) facility in east China and plans to build 2 more plants of similar size by 2025.
Sinopec has said it aims to capture and store 3 million tonnes annually of CO2 and utilise 2 million tonnes a year by 2025.
Under a national goal to reach peak carbon emissions by 2030 and carbon neutrality by 2060, national energy companies including Sinopec have pledged multi-billion dollar investment in low carbon sectors, such as renewable power generation, hydrogen fuel and carbon capture. REUTERS
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