MOSCOW (MRC) -- Chinese giant Sinopec has closed the first bulk agreement transaction on China’s recently launched national carbon market, said Upstreamonline.
Sinopec confirmed it had purchased 100,000 tonnes of carbon emission quota from China Resources Group on 21 July, marking the first bulk agreement transaction since last week’s launch of the national carbon market.
Sinopec has a total of 17 subsidiaries participating in the national carbon market, while its carbon trading business is operated by its wholly-owned subsidiary China International United Petroleum & Chemicals (Unipec).
The company claims to be accelerating the construction of a clean, low-carbon energy supply system as it targets a reduction in its annual methane emission intensity by 50% by 2025.
It forms part of Sinopec’s "one foundation, two wings and three news" strategy, which looks to lay a strong foundation with “energy resources”, strengthen the "two wings" of improving clean oil quality and modern industrial development, while the "three news" covers exploring new energy, new material and new economy.
China is currently the world’s largest emitter of greenhouse gases, but it has set climate goals of reaching peak CO2 emissions by 2030 on its path to carbon neutrality by 2060.
As per MRC, Sinopec Qilu Petrochemical, a subsidiary of one of the world's largest energy and chemical companies, Sinopec, closed on July 9 for unscheduled repairs a high-density polyethylene (LDPE) plant in the city of Zibo (Zibo, China). Thus, maintenance at this enterprise, which can produce 175 thousand tons of LDPE per year, will be carried out within one month, until August 9.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
Sinopec Corp. is one of the world's largest integrated energy and chemical companies. Business of Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, oil refining, petrochemical production, production of mineral fertilizers and other chemical products. In terms of refining capacity, Sinopec Corp. ranks second in the world, fourth in terms of ethylene capacity.
MRC