The World's first LNG Carbon Agreement Completes the First Ship Delivery

Source: www.gulfoilandgas.com 7/13/2021, Location: Asia

China Petroleum Network News (Reporter Wang Fang, Special Reporter Zhang Yaoyu and Xiao Boqiang), the first ship of 66,000 tons of carbon-neutral liquefied natural gas (LNG) supplied by Shell Oriental Trading Co., Ltd. to China Petroleum International Co., Ltd. was completed in Dalian Port. discharge. This is the world's first LNG trade carbon neutral business in the form of a long-term contract. It is an active attempt to promote the low-carbon transformation of the group company and help my country achieve the "dual carbon" goal.

At the end of April, the international business company and Shell Eastern Trading Co., Ltd. signed the world's first long-term LNG carbon neutral agreement. Under the agreement, each ship of LNG will be jointly cooperated by both parties to select carbon sinks based on natural solutions to offset LNG. Carbon dioxide emissions from exploration and development to final consumption will achieve carbon neutrality throughout the life cycle of LNG. It is reported that the carbon emission reduction used by the ship's carbon neutral LNG to offset comes from the forestry carbon sink project. Based on the gas consumption of a family of three urban residents, it can meet the gas consumption of 3.6 million residents for one month.

Natural solutions type carbon emission reduction projects aim to increase the oxygen in nature and absorb more carbon dioxide by protecting, transforming or restoring the land. Every ton of carbon emission reduction is certified by a third-party verification agency, which means that one ton of carbon dioxide in the natural environment is offset. Regarding the long-term trade agreement, Shell Energy Executive Vice President Steve Hill (Steve Hill) said: "We are very pleased to cooperate with PetroChina. This is an important step in expanding the carbon neutral LNG market and is a milestone. The meaning of the formula."


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