China National Petroleum (CNPC) is attempting to better meet the country's growing demand for energy through its agreement with Pristec AG.
The contract between CNPC and Pristec AG was signed Nov. 7 in Beijing, according to a press release. It laid out a 20-year agreement for CNPC refineries to use Pristec AG's cold cracking system, which uses Pristec AG's Carbon Cracker pump plus activator and adjacent Hydrogen Exciter to more efficiently produce large amounts of oil, the company's website stated. The system allows producers to use less diluent and upgrade fuel oil directly at their terminals.
According to the release, the new cold cracking technology is not only more efficient, but environmentally friendly as well.
The newest state-of-the-art oil production technology may be what China needs to increase oil output as energy demand rises. China is the most popular country in the world and is the second-largest consumer of oil, according to the U.S. Energy Information Administration. The nation consumed one-third of the world's total oil consumption in 2013. It is also set to become the second-largest net importer of oil this year.