This will reduce carbon emission by 1 million tons per year, the equivalent of planting nearly 9 million trees and shutting down 600,000 economy cars.

The construction of the Project was initiated in July, 2021 and is consisted of two parts – Sinopec Qilu's carbon dioxide capture and Shengli Oilfield's carbon dioxide displacement and storage. The carbon dioxide captured by Sinopec Qilu will be transported to Shengli Oilfield for further displacement and storage via green transport mode, achieving an integrated application of carbon capture, displacement and storage to seal the carbon dioxide underground and drive the oil out – turning the waste into treasure.

Sinopec Qilu has newly constructed a liquid carbon dioxide recovery and utilization unit with a capacity of 1 million tons per year, which includes compression unit, refrigeration unit, liquefaction refining unit and supporting facilities to recover carbon dioxide from the tail gas of coal-to-hydrogen plant with a purification rate of over 99 percent.

Between now and 2025, Sinopec will build another megaton CCUS demonstration project in partnership with Sinopec Nanjing Chemical Industries Co., Ltd. in its affiliated Sinopec East China oil and gas fields and Sinopec Jiangsu Oilfield to achieve the industrialized development of CCUS and widen the prospects as China advances to achieve carbon peak and carbon neutrality.