BAKU, Azerbaijan, Nov. 15, 2024 /PRNewswire/ -- In a significant move to bolster global climate and environmental governance, China Petroleum & Chemical Corporation ("Sinopec", HKG: 0386) presents its high-quality green development approach, urging enhanced collaboration among companies from Belt and Road Initiative partner countries, to jointly promote the sustainable, low-carbon, and high-quality growth of the energy and chemical sectors.

Ma Yongsheng, chairman of Sinopec, announces to collaborate with Saudi Basic Industries Corporation (SABIC), Kazakhstan National Oil, and other oil giants to establish the International CCUS Technology Innovation Cooperation Organization, during the inaugural Yabuli Annual Conference on Sustainable Development held at China Pavilion during COP29.

"Our joint efforts will drive the green, low-carbon, and high-quality progress of the energy and chemical sectors, revitalizing and contributing substantially to the creation of a clean and beautiful world," emphasized Ma.

Over recent years, Sinopec has significantly advanced its capabilities in CCUS technology; notable projects include the Qilu Petrochemical-Shengli Oilfield CCUS Demonstration Project, and China's first megaton-level long-distance CO₂ pipeline project. Collaborative ventures have also been initiated with major corporations like Shell, China Baowu, and BASF, among others, launching China's first open-access mega-ton-scale CCUS project.

Since deploying the CCUS technologies nearly ten years ago, more than 8.55 million tons of CO₂ have been recycled by Sinopec, and about 5.75 million tons are being injected, contributing significantly towards enhanced oil recovery efforts yielding over 600,000 tons.

Sinopec's ongoing efforts include importing 180 million tons of crude oil annually from Belt and Road Initiative countries, engaging in substantial trade of refined oil products amounting to over 20 million tons per year, as well as nearly 7 million tons of LNG trades. The company is actively involved in 32 oil and gas exploration projects along these routes.

The establishment of Sinopec Tech Middle East in Saudi Arabia marks another step towards fostering open innovation ecosystems globally. Collaborations extend across Europe and Southeast Asia with numerous prestigious universities, enhancing scientific partnerships that have led to multiple technology licensing agreements since 2013, involving critical refining processes like catalytic cracking.