After Sinopec, China will add another million-ton CCUS project

On January 17, Tongyuan Group signed an investment cooperation agreement with the People's Government of Kuqa City, Xinjiang.
The Group plans to cooperate with the People's Government of Kuqa City to invest in the construction of a million-ton carbon dioxide capture and utilization (CCUS) demonstration project in Kuqa City.
The investment scale is 1 billion yuan
.
The project is expected to be constructed in three phases.
The first phase of 200,000 tons plans to invest 200 million yuan; the second phase of 300,000 tons plans to invest 300 million yuan; the third phase of 500,000 tons plans to invest 500 million yuan
.

The project plans to use the high-emission units in Kuqa City as the source of carbon dioxide capture, and the oil fields around Kuqa City as the carbon dioxide application terminal.
After the project is completed, it will become one of the largest CCUS projects in China.
After the project reaches production, it will become a new growth point for the Group's performance
.
Group President Mr.
Ren Yanzhong attended the signing ceremony
.

As a greenhouse gas, carbon dioxide causes global warming and brings about a series of problems such as ecological environment damage, which is seriously threatening human society
.

The use of carbon dioxide capture, utilization and storage (CCUS) technology can directly "catch" carbon dioxide, greatly reduce carbon dioxide emissions, and then use carbon dioxide as a resource to turn waste into treasure
.

Together with renewable energy power generation, biomass energy, and hydrogen, CCUS is known as the globally recognized four pillars of energy transition
.
With the introduction of carbon neutrality goals in various countries around the world, CCUS has become an important part of the carbon neutrality action plans of many countries.
The United States, Japan, the European Union and other countries have formulated policies to encourage the development of CCUS
.
As China is the largest country in carbon dioxide emissions, CCUS will be an important means for China to achieve the goal of carbon neutrality, and the future development prospects are very broad
.

Tongyuan Group and the Kuqa Municipal People's Government cooperated to invest in the CCUS project, aiming to actively respond to the national strategic deployment of carbon peaking and carbon neutrality.
The Kuqa Municipal Government attaches great importance to this cooperation.
Select suitable high-emission units as the target of this project, jointly select domestic and foreign advanced and mainstream carbon capture technologies, and then directly apply the captured carbon dioxide to a large number of oil and gas wells around Kuqa City
.

Through the cooperation between the two parties, it not only solves the problem of carbon emission reduction in Kuqa City, but also improves the recovery rate of oil fields around Kuqa City, and achieves the purpose of increasing oil and gas production
.
At the same time, by carrying out this project, the group has entered the field of carbon emission reduction, promoted the strategic development of the group, organically combined the existing unconventional oil and gas technical service business with the carbon emission reduction business, enhanced its core competitiveness, and seized the broad opportunities in the CCUS market in the future.
Promote the overall development of the group
.