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    CNPC JV completes 1st green trade finance in Europe

    By Zheng Xin | China Daily | Updated: 2021-12-02 07:58
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    A joint venture of China National Petroleum Corp wrapped up a green trade finance exercise with Standard Chartered in the United Kingdom on Nov 22, the first of its kind in Europe. [Photo/China National Petroleum Corp]

    A joint venture of China National Petroleum Corp wrapped up a green trade finance exercise with Standard Chartered in the United Kingdom on Nov 22, the first of its kind in Europe, the company said on Wednesday.

    Petroineos Trading Ltd is an integrated refining and energy trading company and also a JV between CNPC, the country's largest oil and gas company, and global chemical company INEOS Group. Petroineos said it completed the green and sustainable development trade financing round with the British lender.

    The financing will support the JV's purchase of renewable fuels and raw materials in accordance with the international sustainability and carbon certification, or ISCC, it said.

    Petroineos said the cooperation will provide capital and credit guarantees for the JV's biofuel business, while supporting its green transition from oil and gas trade.

    A green trade finance transaction usually takes place in renewable energy including wind, photovoltaic and hydroelectric power, as well as clean transport, waste management and water management. It is meant to contribute to the advancement of the United Nations Sustainable Development Goals.

    An analyst said green and low-carbon development has become a global trend.

    Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said green trade financing is an important exploration and practice of green and low-carbon economic cooperation among China and European and North American countries.

    "With the current focus being biofuel products, it is believed the cooperation scale will be further expanded in the years to come, as green financing is necessary and indispensable under the current global green transition," Luo said.

    Petroineos said its biofuel trade, after five years of rapid development, is tops in the European market and shares broad market prospects.

    Cooperation with Standard Chartered, which recently launched sustainable trade finance solutions across Asia, Africa, the Middle East, Europe and the Americas, helps it to implement more sustainable practices across its ecosystem and build more resilient supply chains, and is a win-win cooperation, Petroineos said.

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