Chinese Sinopec launches Green Action Plan boosting its geothermal heating business
Chinese oil and gas giant Sinopec has launched an ambitious Green Action Plan to become a clean low-carbon enterprise. As part of that the company pushes its geothermal heating business to more than triple by 2023.
China Petroleum & Chemical Corporation or Sinopec, a Chinese oil and gas company and one of – if not the – the largest oil and gas firm in the world has launched a Green Action Plan, aiming to become a clean, efficient and low-carbon enterprise by 2023.
According to the Plan, by 2023, Sinopec will see the share of its clean energy output exceed 50 percent of its total, with an annual natural gas production capacity of 40 billion cubic meters. More than 10,000 kilometers of gas pipelines will be put to use, while the transfer capacity of LNG will reach more than 26 million tonnes per year.
The gasoline and diesel products produced by Sinopec will all meet the State VI emissions standard by October, 2018.
Sinopec has also been very large in pushing its geothermal energy heating business, Sinopec Green Energy Geothermal. As part of its action plan the company plans to boost its geothermal heating capacity to 120-150 million square meters by 2023, providing geothermal heating to about 2.1 million urban residents. This would more than triple current heating capacity at around 40 million square meters.
The company works on geothermal heating together with Icelandic partner, Arctic Green Energy, and has recently secured a $250 million funding package form the Asian Development Bank for geothermal heating development in China, as we reported.