(Yicai Global) Jan. 29 -- Sinopec, China's largest oil refiner, said today that it has completed the country's first megaton-scale project of carbon capture, utilization and storage.

The project is expected to reduce carbon dioxide emissions by 1 million tonnes per year, an amount equivalent to the effect of planting nearly 9 million trees.

It was jointly constructed by the Sinopec Qilu Petrochemical Company and the Sinopec Shengli Oilfield, two subsidiaries of Sinopec.

The technology of carbon capture, utilization and storage plays a key role in cutting carbon dioxide emissions. The process captures carbon dioxide from production activities and then either reuses or stores it.

China has announced that it will strive to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060.