Higher oil and natural gas production, and commodity prices aid Sinopec's (SNP) 1H earnings.
China's Sinopec Corp said on Monday it has put into operation the country's largest carbon capture, utilisation and storage (CCUS) facility in east China, and plans to build two more plants of similar size by 2025. The state oil giant is one of the leading companies building pilot CCUS projects in China, part of the country's goal to reach peak carbon emissions by 2030. The new CCUS project, which started construction just over a year ago, involves capturing carbon dioxide produced from Sinopec's Qilu refinery in eastern Shandong province during a hydrogen-making process, and then injecting it into 73 oil wells in the nearby Shengli oilfield.
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