Taiwanese state-owned oil company CPC has bought more than one million barrels of crude oil from Azerbaijani business Socar, which has been certified as ‘carbon-neutral’.
CPC claims that the trade is carbon-neutral, as all of the emissions throughout the process were calculated and offset – this having been verified by carbon certification company Intertek.
Given its environmental impact, there has been criticisms of carbon-neutrality claims when it comes to oil – but Taiwan has stated that the shipment is necessary to keep powering the country and this is the cleanest way to do so.
Both companies have now agreed that any future crude oil deliveries from Socar have all carbon emissions offset.
Currently, CPC has a refining capacity of 600,000 barrels of oil per day.