China Petroleum & Chemical Corp, Sinopec, has established a specially designed unit dedicated to CCS, announced the state-owned company on 23 September.
The unit registered as Sinopec Carbon Industry Technology Co. Ltd. has an initial capital of $352.06 million. Sinopec Corp owns 46% of the stake with 43% belonging to Sinopec’s Nanjing Chemical Industries Corp.
Sinopec’s engineering subsidiaries are also stakeholders, including Sinopec’s oil and gas trading branch. Unipec launched a carbon trading desk last year.
The new carbon capture company is situated in Nanjing in Eastern China.
Sinopec started operating China’s major CCUS facility, which captures CO2 from Sinopec’s Qilu refinery in eastern Shandong province, last month.
The petrochemical firm has plans to build another two large facilities to achieve its goal of capturing and storing 3 million tonnes of CO2 per year.
China’s goal is to become carbon neutral by 2060.