Sinopec launches China's first megaton scale carbon capture project 7/7/2021 China Petroleum & Chemical Corporation initiated China's first megaton carbon capture, utilization and storage (CCUS) project, the Sinopec Qilu-Shengli Oilfield CCUS (the "Project"). It is set to become China's largest whole industrial chain CCUS demonstration base and application case for promoting the large-scale development of CCUS in China. The Project, expected to be put into production by the end of 2021, marks a key milestone in the construction progress of China's CCUS projects and is a huge demonstration of the industry's development. It is also of great significance to enhance China's carbon emissions reduction capabilities and build an "artificial carbon cycle" model as the country advances to reach peak carbon emissions by 2030 and carbon neutrality by 2060.