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Sinopec signs deal with Petronas to explore energy value chain

By Zheng Xin | | Updated: 2024-05-31 14:42
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A Sinopec logo is seen in Changzhou, Jiangsu province on Jan 24, 2023. [Photo/VCG]

China Petroleum and Chemical Corporation, or Sinopec, said on Thursday it has partnered with Petronas, the Malaysian state-owned energy group, to explore opportunities to drive growth and innovation across the energy value chain.

The memorandum of understanding signed between the two sides will focus on sustainable expansion in areas that include commodity and specialty chemicals, crude oil and liquefied natural gas (LNG) trading, lubricants and digital solutions, it said.

The collaboration, which underscores the commitment of both companies to ensuring a resilient and affordable energy supply in the Asia-Pacific, also aims to drive decarbonization efforts across various industries, including transportation, shipping, manufacturing, aviation and power, it said.

Petronas said it has been in partnership with Sinopec since 1997. It has since extended it across the gas and downstream sectors, including the delivery of LNG and petrochemical products.

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