Chinese chemicals corporation Henan Shuncheng Group has signed an agreement with Icelandic technology developer Carbon Recycling International – CRI hf., to design a plant based on CRI’s technology that will produce low carbon intensity methanol in China. The agreement was signed at CRI’s headquarters with his excellency Mr. Jin Zhijian, ambassador of the People’s Republic of China to Iceland in attendance. Total cost of the project is estimated around USD 90 million (10 billion ISK).
The new Shuncheng plant, which will be built in Anyang city, Henan province of China, will recycle about 150,000 metric tons of CO2 per year, with other waste gases to produce 180,000 tons of methanol and LNG annually. The amount of CO2 recycled equals the annual emissions of 40,000 cars.
Commissioning is expected by the end of 2021. CRI’s majority owned joint venture with local partners in China established the project with Shuncheng, but all design of the CO2-to-methanol process (trademarked as the Emissions-to-Liquids process), engineering and project execution will be performed by CRI.
“Our unique experience in designing, constructing and operating comparable plants in Iceland and Germany, enables us to build commercial scale plants, which will be profitable for our clients and cause a significant reduction in the emission of greenhouse gases,” said Sindri Sindrason, CEO of CRI. “An agreement with a large Chinese chemical manufacturer such as Shuncheng Group, shows CRI’s global technology leadership in the CO2 capture and utilization (CCU) industry and how we enable energy companies and chemical producers to recycle waste into products, reducing pollution while supporting a circular economy.”