Air Liquide, Chevron, Keppel Infrastructure, and PetroChina1
announced they have signed a memorandum of understanding to form a
consortium which will aim to evaluate and advance the development
of large-scale carbon capture, utilization, and sequestration
(CCUS) solutions and integrated infrastructure in Singapore.
The consortium intends to research, test, and develop
technological, logistical, and operational solutions for CCUS in
Singapore. In doing so, the consortium will look to provide
industry-wide CCUS integrated infrastructure, primarily to support
the energy and chemicals sector, by capturing and aggregating
carbon dioxide (CO2) from large industrial emitters at a
centralized collection facility.
The CO2 could then be utilized to make useful products, such as
plastics, fuels, and cement, and/or transported through either
pipelines or ships to suitable reservoirs in the Asia Pacific
region for sequestration via a process of injecting CO2 into deep
underground geologic formations for permanent and secure
storage.
Michele Gritti, vice president, Large Industries and Energy
Transition, Air Liquide SEA Cluster, said: “Supporting the
decarbonization of industry to help address the urgency of climate
change is a priority. We are pleased to collaborate with Keppel
Infrastructure, Chevron, and PetroChina in this decarbonization
endeavor, leveraging our expertise and experience in carbon
capture, purification, and liquefaction to build a comprehensive
carbon capture decarbonization solution. In line with its Climate
Objectives, Air Liquide is committed to support Singapore’s drive
to achieve net-zero by 2050.”
Chris Powers, vice president, CCUS, Chevron New Energies, said:
“Chevron believes the future of energy is lower carbon, and we are
committed to advancing technologies and forming strategic
relationships to make it happen. We look forward to working with
like-minded collaborators to progress and advance the development
of large-scale CCUS solutions in the Asia Pacific region for
decades to come.”
Chua Yong Hwee, executive director (New Energy), Keppel
Infrastructure, said: “Hard-to-abate sectors need to leverage
technology and innovation to transit towards net zero CO2
emissions. Keppel Infrastructure is well-positioned to support
efforts to decarbonize key sectors, given our experience as a
leading developer, technology solutions provider and operator of
energy and environmental infrastructure in Singapore and the
region. In line with Keppel’s Vision, 2030, which places
sustainability at the core of its strategy, our collaboration with
Air Liquide, Chevron and PetroChina will enable us to take another
step towards addressing Singapore’s needs for a low carbon
economy.”
Li Shaolin, managing director of PetroChina International
(Singapore), said: “There are various pathways to decarbonization,
and CCUS has been identified as a strategic pathway to be
thoroughly evaluated and developed. PetroChina is pleased to be
part of this consortium with Air Liquide, Keppel Infrastructure and
Chevron; a partnership that will leverage one another’s strengths,
capabilities and respective ecosystems towards the advancement of
large-scale CCUS solutions in Singapore. Participating in this
initiative is our commitment to ensure harmony between the
development of the energy industry and the environment, as we
endeavor to make meaningful contributions towards Singapore’s goal
of achieving Net Zero.”
______________________ 1 Through Air Liquide Singapore Pte Ltd,
Chevron New Venture Pte Ltd, Keppel Energy Ventures Pte Ltd, and
PetroChina International (Singapore) Pte Ltd respectively.
About Air Liquide Singapore
Air Liquide Singapore (ALSg), a fully-owned subsidiary of Air
Liquide Group, started its operations in 1911 and now employs close
to 800 employees. With assets of more than S$1 billion, ALSg
operates the largest network of air separation plants and gas
production facilities, strategically located on 21 sites in
Singapore. ALSg has come a long way since, partnering with diverse
industry players to support the Singapore economy through a unique
blend of advanced equipment, processes & systems, supported by
a highly engaged and competent workforce.
For more information, please visit
https://sg.airliquide.com/
About Keppel Infrastructure Holdings Pte Ltd
Keppel Infrastructure (KI) is a wholly-owned subsidiary of
Keppel Corporation, a Singapore flagship multinational company
providing solutions for sustainable urbanisation. KI provides
solutions for some of the world’s most pressing challenges through
its power & gas, environment and new energy businesses by
leveraging its proprietary technology, strong technical expertise
and proven operating capabilities.
KI has a track record of developing energy and environmental
infrastructure end-to-end, including power generation assets,
waste-to-energy (WTE) facilities, large-scale district cooling
systems, as well as NEWater and desalination plants. In Singapore,
it operates a 1,300-megawatt high efficiency gas-fired combined
cycle power plant and a utility pipe rack and pipe line network in
Jurong Island. It is also Singapore’s leading electricity retailer,
and the first and largest district cooling systems developer and
service provider. Globally, through Keppel Seghers, it is one of
the leading WTE technology providers with more than 100 project
references in 20 countries.
KI is expanding its presence, in Singapore and overseas, in
areas such as power generation, waste management, district cooling,
renewables and energy storage, electric vehicle charging
infrastructure and other clean energy opportunities.
For more information, please visit www.kepinfra.com
About Chevron
Chevron (NYSE: CVX) is one of the world’s leading integrated
energy companies. We believe affordable, reliable, and ever-cleaner
energy is essential to achieving a more prosperous and sustainable
world. Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines.
For more information, please visit www.chevron.com
About PetroChina
PetroChina is one of the major oil and gas producers and
distributors in China, and also a significant player in the global
oil and gas industry. We engage in a wide range of activities
related to oil, natural gas and new energies and materials, with a
strategic focus on innovation, sustainable resources, market
alignment, internationalization, and green and low-carbon
development. While our focus remains on our core business, and
advancing our business strategies of reform and innovation, quality
and profitability as well as corporate governance, we believe in
maintaining a strong stewardship role towards the environment. As
part of our commitment to the UN Sustainable Development Goals
2030, we will actively seize opportunities for low-carbon
transformation, and accelerate the process of building up new
capacities for green development. This will enable us to create,
and share a cleaner, greener and brighter future with all our
stakeholders.
For more information, please visit
www.petrochina.com.cn/ptr/
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s operations and energy transition plans that are based
on management's current expectations, estimates and projections
about the petroleum, chemicals and other energy-related industries.
Words or phrases such as “anticipates,” “expects,” “intends,”
“plans,” “targets,” “advances,” “commits,” “drives,” “aims,”
“forecasts,” “projects,” “believes,” “approaches,” “seeks,”
“schedules,” “estimates,” “positions,” “pursues,” “may,” “can,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on track,” “goals,” “objectives,”
“strategies,” “opportunities,” “poised,” “potential,” “ambitions,”
“aspires” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural gas prices and demand for the
company’s products, and production curtailments due to market
conditions; crude oil production quotas or other actions that might
be imposed by the Organization of Petroleum Exporting Countries and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
public health crises, such as pandemics (including coronavirus
(COVID-19)) and epidemics, and any related government policies and
actions; disruptions in the company’s global supply chain,
including supply chain constraints and escalation of the cost of
goods and services; changing economic, regulatory and political
environments in the various countries in which the company
operates; general domestic and international economic and political
conditions, including the military conflict between Russia and
Ukraine and the global response to such conflict; changing
refining, marketing and chemicals margins; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; development of large carbon capture and offset
markets; the results of operations and financial condition of the
company’s suppliers, vendors, partners and equity affiliates,
particularly during the COVID-19 pandemic; the inability or failure
of the company’s joint-venture partners to fund their share of
operations and development activities; the potential failure to
achieve expected net production from existing and future crude oil
and natural gas development projects; potential delays in the
development, construction or start-up of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment or product changes undertaken or required by existing or
future environmental statutes and regulations, including
international agreements and national or regional legislation and
regulatory measures to limit or reduce greenhouse gas emissions;
the potential liability resulting from pending or future
litigation; the company’s future acquisitions or dispositions of
assets or shares or the delay or failure of such transactions to
close based on required closing conditions; the potential for gains
and losses from asset dispositions or impairments; government
mandated sales, divestitures, recapitalizations, taxes and tax
audits, tariffs, sanctions, changes in fiscal terms or restrictions
on scope of company operations; foreign currency movements compared
with the U.S. dollar; material reductions in corporate liquidity
and access to debt markets; the receipt of required Board
authorizations to implement capital allocation strategies,
including future stock repurchase programs and dividend payments;
the effects of changed accounting rules under generally accepted
accounting principles promulgated by rule-setting bodies; the
company’s ability to identify and mitigate the risks and hazards
inherent in operating in the global energy industry; and the
factors set forth under the heading “Risk Factors” on pages 20
through 25 of the company’s 2021 Annual Report on Form 10-K and in
subsequent filings with the U.S. Securities and Exchange
Commission. Other unpredictable or unknown factors not discussed in
this news release could also have material adverse effects on
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220921005223/en/
Air Liquide Ivan Cheong Email :
Ivan.cheong@airliquide.com
Chevron Creighton Welch Email :
CreightonWelch@chevron.com
Keppel Ang Lai Lee Email : Lailee.ang@kepcorp.com
PetroChina Nadia Tay Email :
Nadia-tay@petrochina.com.sg
Chevron (NYSE:CVX)
Historical Stock Chart
From Feb 2024 to Mar 2024
Chevron (NYSE:CVX)
Historical Stock Chart
From Mar 2023 to Mar 2024