According to Vísir, Chinese chemical manufacturer Jiangsu Sailboat Petrochemicals (JSP) has signed a contract with Icelandic technology company Carbon Recycling International (CRI) to build a factory. The plant is designed to produce methanol through carbon dioxide recycling, and the total cost of the project is estimated at 4.6 billion ISK.
The contract was signed September 27th at a teleconference between Reykjavík and Beijing. The Minister of Foreign Affairs, Guðlaugur Þór Þórðarson; the ambassador of China to Iceland, Jin Zhihian; and the ambassador of Iceland to China, Þóri Ibsen, were all present at the meeting.
The contract states that with CRI’s equipment, 150,000 tonnes of CO2 will be captured from JSP’s production process. Without the equipment, all of the CO2 emissions would be released into the atmosphere. That amount corresponds to all the CO2 emissions that power plants in Iceland produce.
The captured CO2 would be used to produce methanol, which would then be used to make chemical products that are needed in the production of solar panels and plexiglass, among other things. Production is planned to start in 2023.
On a road towards more sustainable future
The CEO of CRI, Ingólfur Guðmundsson, says that they are proud to be able to offer their partners sophisticated technology that makes a difference in the fight against climate change. “By using this technology in chemical production, we can replace fossil fuels sooner. What was previously wasted becomes energy and raw materials. This is how we build a strong but environmentally friendly economy,” he commented.
Wei Bai, the CEO of JSP, says that the company focuses on safe development, reduced emissions, and the beneficial use of limited resources through recycling. He thinks that this is a big step for JSP to get closer to their goals considering green values.
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