www.chinastarmarket.cn reported on December 1 (reporter: Li Mingming) Following the establishment of the Oil and Gas Climate Initiative (OGCI) OGCI China Climate Investments last year, China Petroleum & Chemical Corporation (Sinopec) has taken a significant step in the field of climate investment and financing.
Today, a reporter from www.chinastarmarket.cn learned from Sinopec's internal sources that the Oil and Gas Climate Initiative Kunlun Equity Investment Fund (referred to as the "OGCI China Climate Investments") has completed a strategic investment in Beijing Basemof Technology Co., Ltd. (referred to as "Basemof"). This is also the first investment made by the OGCI Kunlun.
The person in charge of the fund party told OGCI Daily that the fund's investment can help Basemof accelerate the commercialization process of MOFs gas separation technology, promote the development of methane emission reduction business, and jointly support the low-carbon transformation of the oil and gas industry. The fund actively practices China's national strategy of carbon peaking and carbon neutrality, and focuses on investment in the field of CCUS and methane emission reduction.
Basemof was registered in Beijing on September 23, 2011, the legal representative is Zhao Ziying, is an innovative technology company in the field of oil and gas, its independent research and development based on MOFs (metal-organic framework materials) absorption and adsorption coupled with gas separation technology, as the second generation of carbon capture technology, is said to be able to effectively promote the domestic CCUS industry to achieve low-energy consumption of carbon dioxide capture and utilization.
The reporter learned from the Basemof, recently, the company invested in the construction of 150,000 cubic meters / day processing capacity of MOFs gas separation industrialization demonstration project, has been successfully put into operation in the PetroChina Xinjiang Oilfield, can achieve carbon dioxide capture about 50,000 tons per year. At present, the project is performing well in terms of separation efficiency and energy consumption indicators, which the company said marks the commercialization of the internationally leading second-generation carbon capture technology in China. According to estimates, the demonstration project is expected to reduce greenhouse gas emissions by more than 100,000 tons of carbon dioxide equivalent per year.
A new energy field analyst told the "Science and Technology Board Daily" reporter that, under the impetus of the dual-carbon strategy, PetroChina actively promotes the industrialized development of CCS/CCUS (carbon capture, utilization and sequestration), strengthens the whole industry chain technology research and study, and the OGCI China Climate Investments invests in the Basemof Company is also intended to promote the accelerated development of CCS/CCUS.
The reporter noted that PetroChina has taken the lead in the construction of CCUS demonstration projects in China to accelerate the realization of cleaner energy supply and the scaling up of carbon industry. For example, PetroChina has integrated resources among oil and gas fields and refining enterprises in Xinjiang, Changqing, Daqing, Jilin, Bohai Rim and other regions, applied CCUS-EOR technology, applied carbon dioxide generated and captured by refining enterprises to oil and gas extraction, improved the recovery rate through carbon dioxide oil drive, and constructed petroleum and petrochemical near-zero emission demonstration zones. 2022, PetroChina will implement a number of CCUS demonstration projects. In 2022, PetroChina will implement a number of CCUS projects, and the annual carbon dioxide injection volume will exceed 1.1 million tons.
It is understood that the OGCI China Climate Investments is jointly initiated and established by PetroChina, OGCI's Climate Investment Fund (Climate Investment) and Hainan FTZ Open Development Equity Investment Fund, with PetroChina Climate Venture Capital Limited Company acting as the general partner and fund manager. PetroChina is one of the initiators and the largest contributor to OGCI China Climate Investments.
OGCI aims to lead the entire oil and gas industry in addressing climate change and accelerating action to achieve goals in line with the Paris Agreement, and its members include Saudi Aramco, BP, Chevron, PetroChina, and Eni Group, which together account for about 30% of global oil and gas production.
And Climate Investment, CI, is an independently managed investment vehicle launched by OGCI member companies. Since completing its first investment in 2017, it has completed 29 investments in advanced technologies and innovative business models through 2022, generating a cumulative greenhouse gas reduction of 57 million tons of carbon dioxide equivalent from 2019-2022.
Regarding the future development objectives of the OGCI China Climate Investments, the fund told reporters that the fund was established to invest in China to support the development, demonstration and application of technologies and business solutions that may have a significant impact on global greenhouse gas emissions, especially those involving the oil and gas industry, so as to promote China's action to address climate change. The fund will develop a greenhouse gas emission reduction capacity of 50 million tons/year of carbon dioxide equivalent over the 10-year period of its existence.
