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Sinopec, Cosco Shipping, and China Eastern to certify first carbon-neutral cargo of crude oil

September 23/2021

MOSCOW (MRC) -- China's refining giant Sinopec Corp said it has jointly certified the country's first carbon-neutral crude oil cargo with shipping giant Cosco Shipping and China Eastern, said Reuters.

The 30,000-tonne cargo was produced by Sinopec in Angola and shipped by Cosco Shipping to an east China-based Sinopec refinery for processing, Sinopec said.

To offset the carbon dioxide produced during the process from crude production to shipping to consumption by vehicles and airplanes, the three state firms bought Chinese Certified Emissions Reductions credits.

These credits that will go to investing in carbon-reducing projects such as tree planting, solar, wind and biomass power generation in China.

As per MRC, Sinopec Sabic Tianjin Petrochemical, a major producer of petrochemicals in the country, shut production at its polypropylene (PP) plant in Tianjin province, China on 13 September for planned preventive measures. It is expected that maintenance at this plant with a capacity of 450,000 tonnes of PP per year will continue for seven days.

According to MRC's ScanPlast report, Russia's PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Sabic is a diversified company manufacturing chemicals, industrial polymers, fertilizers and metals. It is the largest state-owned company in Saudi Arabia. Sabic is currently the world's second largest producer of ethylene glycol, the third largest polyethylene producer, and the fourth largest polypropylene producer.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, propylene, neftegaz, petrochemistry, Sinopec.
Category:General News
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