Page 8 - AsianOil Week 27 2021

AsianOil SOUTHEAST ASIA AsianOil

Petronas said the agreement also reflected greenhouse gas (GHG) emission LNG to key
its own commitment to ensure security of Asian demand markets.
supply through an “established transparent The CAD40bn ($31.89bn) project is part of
and stable price index such as AECO in the the Canadian government’s efforts to support
LNG market”. exports to buyers in Asia as the country seeks to
The Malaysian major company said that reduce its reliance on the US market. LNG Can-
once the LNG Canada project, which is ada reached a final investment decision (FID)
led by Royal Dutch Shell with a 40% share, in October 2018 for the construction of two
while Petronas owns 25%, came online 7mn tpy liquefaction plants in Kitimat, British
it would pave the way for it to supply low Columbia.™

EAST ASIA

Sinopec launches CCUS projects

PROJECTS & STATE-OWNED Sinopec has unveiled two new Sinopec already has a number of CCUS
COMPANIES carbon capture, utilisation and storage (CCUS) research and demonstration projects under
projects as it strives to achieve carbon neutrality its belt, with the company noting that it would
by 2050. capture about 1.3mn tonnes of CO2 this year,
Asia’s largest refiner said this week that it had with 300,000 tonnes of that to be used to boost
launched construction of China’s first 1mn tonne enhanced oil recovery (EOR) applications.
per year (tpy) CCUS project in Shandong Prov- The company said it had 2.5bn tonnes
ince and that it was slated to come online later (18.33bn barrels) of petroleum geological
this year. reserves suitable for CEO2 flooding and the
The development will see Qilu Petrochem- CCUS industry’s prospects were promising.
ical’s refinery capture the CO2 during hydro- Sinopec said the Qilu Petrochemi-
gen production before sending the gas to cal-Shengli Oilfield project would help deepen
Shengli Oilfield for injection into 73 oil wells. the company’s technical expertise and facility
The project is projected to sequester 10.68mn the development of other large-scale CCUS
tonnes of CO2 over the next 15 years, while projects in the country.
boosting crude oil production by nearly 3mn The refiner also said this week that it
tonnes (22mn barrels). intended to set up a demonstration project
Sinopec expects the project not only to help in Jiangsu Province that will be spearheaded
contribute to the country’s carbon emission by Jiangsu Oilfield, Jinling Petrochemical and
reduction goals but also to help build China’s Nanjing Refinery.
“artificial carbon cycle”. According an agreement between the three
While China has committed to reach- subsidiaries, Nanjing Refinery will build a new
ing peak emissions by 2030 and carbon 100,000 tpy CCUS facility and associated facili-
neutrality by 2060, Sinopec has set its own ties, Jinling Petrochemical will provide CO2 and
goal of reaching these targets by 2025 and Jiangsu Oilfield will research the application of
2050 respectively. CO2 flooding.™

P8 www. NEWSBASE .com Week 27 09•July 9•2021