Photo taken on Sept. 27, 2019 shows equipment at Daqing Oilfield in northeast China's Heilongjiang Province. Photo: Xinhua

China's Daqing Oilfied Co recently completed first online trade for 1,000 tons of liquefied CO2 by bidding in the domestic market with premium of 210 yuan ($30.37) per ton added to the original price, China Media Group reported on Monday.

The trade was processed via the Dalian Petroleum Exchange, which has digitized the traditional offline trading method for petrochemicals and created a new trading method for Chinese liquefied CO2 market.

Liquefied CO2 is a precious resource that can be used for both heavy industry and consumer goods. According to OilChem China, Chinese energy and chemical information provider, China's annual capacity of CO2 production in 2022 stood at 22.59 million tons, increasing by 24.9 percent year-on-year.

In 2022, China's consumption volume of CO2 hit 9.81 million tons, up 13.67 percent year-on-year. Domestic CO2 output stood at 9.85 million tons, increased by 13.2 percent year-on-year, satisfying the country's entire domestic demand.

The Dalian Petroleum Exchange was established in 1996, which is China's only qualified online trading platform for petrochemicals, which also provides other services including storage, transport and information resources. The platform has hosted 402 online trade events for petrochemicals with 1.85 million tons of trade volume as of now.

Global Times