China’s Daqing Oilfield Co has recently traded 1,000 tons of liquefied CO2 through online bidding at a premium of 210 yuan ($30.37) per ton above the initial price, according to China Media Group.
The trade was conducted via the Dalian Petroleum Exchange, which has digitized the traditional offline trading method for petrochemicals and established a new trading approach for the Chinese liquefied CO2 market.
Liquefied CO2 is a valuable resource that can be applied in both heavy industry and consumer goods. According to OilChem China, a Chinese energy and chemical information provider, China's annual CO2 production capacity in 2022 was 22.59 million tons, an increase of 24.9% year-on-year (YoY).
In 2022, China’s consumption came in at 9.81 million tons, posting a 13.67% increase compared to the previous year. Domestic production of CO2 reached 9.85 million tons, up 13.2% YoY, enough to meet the country's domestic demand.
The Dalian Petroleum Exchange was founded in 1996 and is currently China's only online trading platform for petrochemicals. The exchange also provides additional services such as storage, transportation, and information resources. To date, the platform has hosted 402 online trade events for petrochemicals, with a trading volume of 1.85 million tons.