On December 21, COSCO SHIPPING Energy signed a Memorandum of Understanding (MOU) on the research and development of liquid carbon dioxide transportation with Petro China International (Singapore). In the context of "emission peak and carbon neutrality", the two sides hope to explore new technological and commercial approaches to carbon reduction by integrating their respective advantages, and actively participate in the global governance of climate change.
Qin Jiong, Vice President of COSCO SHIPPING Energy, said that carbon capture, utilization and storage (CCUS) is an effective tool to achieve the goal of carbon neutrality, and the development of a commercially viable CCUS value chain is the key to the success of energy transformation, which helps ensure the sustainability of the green economy development of the energy system. Based on the long-term and stable oil and gas transportation cooperation in the past, COSCO SHIPPING Energy and PetroChina International jointly conduct the research of liquid carbon dioxide transportation value chain, which is an important embodiment of both parties practicing the concept of green and low-carbon development around the theme of "Carbon Summit and Carbon Neutrality". We believe that this cooperation will surely bring fruitful results with strong support of quality resources from and close coordination between both parties.
Li Shaolin, General Manager of PetroChina International (Singapore), said that PetroChina International and COSCO Shipping Energy, a subsidiary of COSCO Shipping Group, will jointly conduct research and development on safe and reliable liquid carbon dioxide transportation solutions. PetroChina International has always adhered to the concept of low-carbon development and hopes to advance green development together with outstanding partners on the basis of securing oil and gas supply. This cooperation with COSCO SHIPPING Energy will enable us to practice large-scale CCUS solutions on the road to sustainable development. With the advantages of PetroChina International specializing in energy trading and COSCO SHIPPING Energy's rich experience in oil and gas transportation, we believe this cooperation will improve the technical and operational capabilities of both parties.
COSCO SHIPPING Energy Transportation Co., Ltd. is a subsidiary of COSCO Shipping Group that specializes in oil and gas transportation, whose main business scope includes domestic oil transportation, international oil transportation, and LNG transportation. During the “14th Five-Year” period, the company will continue to provide customers with all tanker type, global, and all-rounded energy shipping services guided by the vision of “To be an outstanding leader in global energy transportation”. At the same time, the company actively implements the “emission peak and carbon neutrality” strategy, vigorously promotes the research and development of new energy business, and actively develops low-carbon clean energy transportation (such as green methanol, ammonia, hydrogen) as well as chemical and liquid carbon dioxide transportation project. It also participates in carbon trading, carbon asset management and other carbon market business, and promotes the building of an ecosystem of upstream and downstream cooperation in the energy transportation industry chain to achieve business innovation and expansion.
PetroChina International (Singapore) Co., Ltd. is a wholly-owned subsidiary of PetroChina International Co., Ltd. established in Singapore that engages in trading. Its main business scope includes oil and gas exploration and production, refining, terminal and distribution, marketing and trading of crude oil and refined oil products. In accordance with the principles of "circular development, zero-carbon upgrading and green transformation", the company is committed to becoming a pioneer in the carbon cycle economy by promoting zero-carbon production system reconstruction, implementing ecological design optimization and digital empowerment, promoting deep electrification and laying out CCS/CCUS strategic replacement industries. The company's commitment to green development and energy supply enables it to support the growth of its customers and contribute positively to the long-term well-being of the communities in which it operates.