Pristec AG and China National Petroleum (CNPC) signed a US multibillion dollar deal on the use of cold cracking technology in China.
The deal is over a 20-year period for all refineries of CNPC and will begin after a 90-day validation run of the Pristec cold cracking systems.
According to Pristec, commissioning will commence within six months in China's largest refinery complex of CNPC, which operates with local heavy oil.
The agreement also states that CNPC can use the technology in all of its refineries in the People's Republic of China (PRC), as well as in all countries CNPC operates or promotes heavy oil production.
Pristec says that the procedure known as cold cracking is a new breakthrough technology which processes heavy oils as well as refinery residues more efficiently without the use of chemical or thermal methods and at the same time provides usable products with a far better quality over current methods. This procedure is not only cost-effective but also environmentally friendly and differs from methods that are currently widely used in the extraction and processing of petroleum.
Image from CNPC.