06:10 AM EDT, 07/29/2022 (MT Newswires) -- China Petroleum & Chemical or Sinopec (SHA:600028, HKG:0386) is teaming up with Sinopec Engineering (HKG:2386) and others to jointly establish a carbon capture partnership called Sinopec Carbon Industry Technology.
Sinopec Carbon will have a registered capital of 2.5 billion yuan ($371.2 million), of which 1.15 billion yuan will be contributed by Sinopec in exchange for a 46% stake in the partnership. Sinopec Engineering will inject about 250 million yuan.
The tie-up comes six months after Sinopec completed the construction of China's first megaton carbon capture, utilization and storage or CCUS project, the Qilu-Shengli Oilfield CCUS, which will reduce carbon emission by 1 million tons per year.
Sinopec said the deal is part of its efforts to contribute to China's carbon neutrality goals, according to a late Thursday disclosure.
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