Oil gi­ant aims to tap into ef­fi­ciency

Sinopec in­vest­ing bil­lions of yuan in new mea­sures to save en­ergy

China Daily (Latin America Weekly) - - Business - By DUJUAN

China Petro­chem­i­cal Corp (Sinopec), Asia’s largest re­finer, said it will in­vest 4 bil­lion yuan ($640 mil­lion) this year and an­other 10 bil­lion yuan in 2015 in more than 1,000 projects as it strives to dou­ble its en­ergy ef­fi­ciency by 2025.

Chair­man Fu Chengyu said dur­ing the 2014 China Sum­mit on Car­ing for the Cli­mate, held in Bei­jing on Thurs­day, that Chi­nese com­pa­nies in­clud­ing Sinopec have made in­creas­ing ef­forts to pro­tect the en­vi­ron­ment for sus­tain­able de­vel­op­ment.

“The big­gest re­source is con­ser­va­tion, which means rais­ing ef­fi­ciency is the key to sav­ing en­ergy and cut­ting emis­sions,” Fu said. “China’s GDP will dou­ble if the coun­try can raise its en­ergy ef­fi­ciency by 30 per­cent.”

Most in­ter­na­tional oil gi­ants con­sider rais­ing their en­ergy ef­fi­ciency as a cru­cial part of their de­vel­op­ment.

Sinopec, a big en­ergy con­sumer, can be­come a big en­ergy saver if it can im­prove its en­ergy ef­fi­ciency.

The com­pany said that doubling its en­ergy ef­fi­ciency would be equiv­a­lent to sav­ing 42 mil­lion met­ric tons of coal or plant­ing 940 mil­lion trees.

It will avoid 81 mil­lion tons of car­bon emis­sions dur­ing the next 10 years through en­ergy ef­fi­ciency im­prove­ment, which will be the same as elim­i­nat­ing emis­sions for a year for 22.92 mil­lion econ­omy-model cars.

Geng Chenghui, di­rec­tor of Sinopec’s en­ergy man­age­ment and en­vi­ron­men­tal pro­tec­tion depart­ment, said the com­pany will take six mea­sures to raise en­ergy ef­fi­ciency in var­i­ous sec­tors in­clud­ing man­age­ment, com­pany struc­ture and tech­nol­ogy.

In par­tic­u­lar, the com­pany will in­tro­duce the En­ergy Per­for­mance Con­tract­ing sys­tem, co­op­er­at­ing with pri­vate com­pa­nies to reach en­ergy-sav­ing tar­gets, he said.

The com­pany will elim­i­nate en­ergy-in­ten­sive re­finer­ies and give more at­ten­tion to re­new­able sources.

The big­gest re­source is con­ser­va­tion, which means rais­ing ef­fi­ciency is the key to sav­ing en­ergy and cut­ting emis­sions.” FU CHENGYU CHAIR­MAN OF CHINA PETRO­CHEM­I­CAL CORP

In 2013, Sinopec an­nounced it will in­vest 22.8 bil­lion yuan in 807 projects to up­grade its cur­rent pro­duc­tion equip­ment and op­er­a­tions for en­vi­ron­men­tal pro­tec­tion. Fu said that as of last month, the com­pany had in­vested 4 bil­lion yuan of that to­tal in 280 projects. The other projects will start in the com­ing years.

Wang Jianzhou, chair­man of the China As­so­ci­a­tion for Pub­lic Com­pa­nies and for­mer pres­i­dent of China Mo­bile Ltd, said Chi­nese com­pa­nies have re­al­ized the im­por­tance of sus­tain­able de­vel­op­ment for the longer term.

In 2012, China’s A-share listed com­pa­nies pub­lished 586 sus­tain­able de­vel­op­ment re­ports, up 11.5 per­cent from the pre­vi­ous year, ac­cord­ing to Wang. In 2013, the num­ber of re­ports grew 12 per­cent to 658, Wang said.

Ge­org ex­ec­u­tive di­rec­tor the United Na­tions Global Com­pact Of­fice, told the sum­mit that Chi­nese com­pa­nies have done an im­pres­sive job in fight­ing global warm­ing and cli­mate change.

He said com­pa­nies should be the ma­jor player to solve ma­jor global en­vi­ron­men­tal is­sues.


Sinopec work­ers check a pipe­line in Puyang, He­nan prov­ince. Sinopec said it will in­vest 4 bil­lion yuan this year to raise its en­egy ef­fi­ciency.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.