Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Shell to jointly study East China carbon project with Sinopec, Baowu and BASF

Published 04/11/2022, 07:48
Updated 04/11/2022, 08:12
© Reuters. FILE PHOTO: The company logo is seen at a Shell petrol station in south London January 31, 2008.  REUTERS/Toby Melville
BASFN
-
BASFY
-
CHNA
-
CO2
-

SINGAPORE (Reuters) - Shell (LON:RDSa) said on Friday it signed an agreement with Chinese state refiner Sinopec and steel group Baowu as well as German chemical giant BASF to study a carbon capture, utilisation and storage project (CCUS) in East China.

Parties intend to conduct a joint study to assess the technical solutions and develop a commercial model as part of the memorandum of understanding for the project, Shell said in a statement.

The study will also explore establishing a low-carbon product supply chains and propose enabling policies.

Once materialised, it will be China's first large-scale CCUS

project potentially able to store tens of million tonnes of carbon dioxide annually, Shell said.

© Reuters. FILE PHOTO: The company logo is seen at a Shell petrol station in south London January 31, 2008.  REUTERS/Toby Melville

Targetting not only emissions from the parties involved but also industries in the East China region, the CO2 captured could then be shipped to a receiving terminal in a CO2 carrier before being transported into storage sites both onshore and offshore through short pipelines, Shell said.

In June, Shell, ExxonMobil (NYSE:XOM) and China's CNOOC entered a similar MOU to evaluate a CCUS project in an industrial park in southern Guangdong province, that could potentially capture 10 million tonnes of CO2 a year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.