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

SINGAPORE (Reuters) - Shell 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.

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 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.

(Reporting by Chen Aizhu; Editing by Rashmi Aich)