Ma Yongsheng, Chairman of China Petroleum & Chemical Corporation has pointed out that China 's petrochemical industry isseeking profound adjustment and transformation in times of change in the forum of development trends of the petrochemical industry in the context of the objectives of "Dual Carbon" (the "Forum") organized on July 22 in Beijing.

"As China commits to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, global and domestic demand for oil will also peak, leading to excess production capacity of major chemicals in China ," Ma noted. "The petrochemical industry should take the lead in accelerating transformation and upgrading in response to challenges and explore a high-quality development path focused on creating unique advantages."

Sinopec has carried out an "Energy Efficiency Improvement" plan and a "Green Enterprise Action", taking a holistic approach to implement eight major carbon emission reduction actions to promote energy transformation. In 2022, Sinopec recovered more than 1.5 million tons of carbon dioxide. Since it introduced the "Energy Efficiency Improvement" plan in 2014, it has carried out 5,000 projects that have saved 8.36 million tons of standard coal.

Energy structure and consumption optimization lead to a greener future

Sinopec is actively adjusting the energy structure towards the development goals of clean energy, establishing multiple energy sectors to achieve complementary growth, promoting the Deep Earth Project with continuous breakthroughs in shale oil and gas exploration and production, strengthening the mechanisms of oil and gas production, supply, storage and sales, and consolidating its leading position in geothermal heating and waste heat utilization while advancing the industrialization of biomass fuels.

Racing to develop green hydrogen, its green hydrogen pilot plant in Xinjiang's Kuqa city, which now harnesses solar energy to generate green hydrogen, is China 's first solar-to-hydrogen green hydrogen facility and the world's largest with an annual capacity of more than 10,000 metric tons. Sinopec has also launched the Inner Mongolia Erdos Wind-Solar Green Hydrogen Project, the world's largest green hydrogen coal chemical project.

Recently, Sinopec's Yuanba gas field, the world's first 7,000-meter-deep ultra-high-sulfur biohermal gas field, has achieved cumulative natural gas production of more than 30 billion cubic meters, reducing carbon emissions by 40 million tons.

To advance green low-carbon operations and clean energy utilization at scale, Sinopec is optimizing energy consumption structure, promoting partial replacement of coal with biomass pellets, expanding upgrading and application of electrical equipment for drilling, fracturing, well workover and more, and developing clean energy projects including photovoltaic and wind power.

The company has strengthened efforts to reduce greenhouse gas emissions and recover high-concentration carbon dioxide to further improve efficiency in the use of resources. In 2022, it filled more than 650,000 tons of carbon dioxide into oil reservoirs, completed China's first megaton Carbon Capture, Utilization and Storage (CCUS) project, the Qilu-Shengli Oilfield CCUS, and commissioned its first high-pressure carbon dioxide transmission pipeline to transport carbon dioxide captured from the CCUS project for further displacement, storage and well stimulation .

With the aim of driving the smart, green and high-end development of the petrochemical industry, Sinopec is powering the energy transformation with innovative, green and low-carbon technologies. It has established CO2- powered displacement and storage in low-permeability reservoirs, high-efficiency water injection in medium-to-high-permeability reservoirs, thick oil cold production, and multi-sector energy integration of wind, solar, geothermal, and more.

 

Source:prnewswire.com

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