Sinopec to triple geothermal heating capacity in China to 150m sq.m by 2023
Chinese oil giant Sinopec plans to triple its geothermal heating capacity from today 50 million square meters to 150 million square metres by 2023, supplying around 2.1 million residents.
China’s energy firms are increasingly seeing green energy as core of their activities. China’s and one of the world’s largest oil companies, Sinopec is pushing forward with its geothermal heating development plans.
The company sees this as part of its initiatives to lower CO2 emissions complementing its more traditional business of onshore and downstream project development.
Sinopec is pushing geothermal development, planning to triple its geothermal heating capacity to 120 million to 150 million square metres by 2023. With that capacity the company could provide geothermal heating to about 2.1 million urban residents. This is part of a bigger plan to replace coal-fired heating with geothermal energy in 20 cities and beyond.
The company currently owns and operates geothermal heating plants providing residential heating for around 50 million square metres. This represents around 30% of all spaces heated with geothermal energy in China today.
Last year, the company secured a loan of $250 million from the Asian Development Bank. Sinopec maintains its geothermal operation within a joint venture with Arctic Green Energy in Iceland.
Source: UpStream Online