Sinopec Star Petroleum to commercialize geothermal energy
October 29, 2014 Category Petrochemicals, Weekly
China Petrochemical Corp, China’s second-largest oil and gas producer, is seeking to commercialize geothermal energy after spending about CNY1 billion in the past few years to develop more than 10 pilot projects. Zhou Zongying, Researcher at Sinopec Star Petroleum – China Petrochemical’s geothermal energy development arm – said the renewable energy had good potential to partially replace coal-fired heat and electricity generation in big cities. China Petrochemical is the parent firm of China Petroleum & Chemical Corp (Sinopec). “So far, geothermal energy’s development has been limited by the high initial investment required, but as more local governments are imposing restrictions on coal-fired heat and power generation, geothermal energy will have more room for development,” Zhou said on the sidelines of the China Mining conference. Since July, Beijing has implemented tougher emission reduction requirements on coal-fired power plants that are similar to those in developed nations. Geothermal energy is expensive to develop, but Zhou said projects in locations with good resources were modestly profitable. The best geothermal resources are found in Tibet, Yunnan and Sichuan provinces.
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