Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
China’s state-owned energy giant Sinopec said it has launched a specialised unit for capturing and storing carbon dioxide as well as equity investment in carbon-related assets.
Sinopec Carbon Industry Technology Co. Ltd has a registered capital of 2.5 billion yuan ($352.06 million), with Sinopec Corp holding a 46% stake and Sinopec’s Nanjing Chemical Industries Corp holding 43%.
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 company is based in the eastern city of Nanjing where Sinopec has the strongest reserve of carbon industry know-how, it 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 two 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.