On January 17, Tongyuan Petroleum Technology Group announced that the company signed an investment cooperation agreement with Kuqa Municipal People's Government to invest in the construction of a million ton carbon dioxide capture and utilization integration demonstration project in Kuqa City, and actively responded to the national strategic deployment of carbon peak and carbon neutralization.

Through the cooperation between the two sides, we can not only solve the problem of carbon emission reduction in Kuqa City, but also improve the oil recovery of oil fields around Kuqa City, so as to increase oil and gas production. At the same time, by carrying out this project, the company enters the field of carbon emission reduction, promotes the company's strategic development, organically combines the existing unconventional oil and gas technology service business with carbon emission reduction business, enhances the company's core competitiveness, grasps the broad opportunities of CCUs market in the future, and promotes the company's overall development, which is in line with the company's long-term development strategy and the interests of all shareholders.

According to the cooperation agreement, the company's investment cooperation with the people's Government of Kuqa aims to actively respond to the strategic deployment of national carbon peak and carbon neutralization. Kuqa municipal government attaches great importance to this cooperation. Next, the two sides will jointly select appropriate high emission units within the jurisdiction of Kuqa city as the landing object of the project, and jointly select advanced Mainstream carbon capture technology, and then the captured carbon dioxide is directly applied to a large number of oil and gas wells around Kuqa city.

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