Petroliam Nasional Berhad (PETRONAS) has entered into a strategic collaboration with China Petrochemical Corporation (Sinopec) to explore opportunities to drive growth and innovation across the energy value chain.
The Memorandum of Understanding signifies the commitment of both companies to ensure a resilient and affordable energy supply to foster economic growth and development in the Asia-Pacific region, while accelerating the transition to a low-carbon economy.
The collaboration will focus on sustainable growth in the areas of basic and specialty chemicals, crude oil and liquefied natural gas (LNG) trading, lubricants and digital solutions, as well as driving decarbonization efforts for various industries such as transportation, shipping, manufacturing, aviation and energy, allowing them to reduce their carbon footprint while remaining competitive.
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PETRONAS and Sinopec have fostered a partnership since 1997, initially established through a production sharing contract in South Sudan to carry out exploration and production work together with other partners. Since then, it has been extended to the gas and downstream sectors, including supplying LNG and petrochemicals to support Sinopec’s gas terminal expansion plan, as well as supplying a wide range of applications to other industries. .
The Memorandum of Understanding signifies the commitment of both companies to ensure a resilient energy supply
Leveraging its capacity as a fully integrated energy provider, PETRONAS, together with its partners, has been playing its role in providing access to abundant and affordable energy in the region with quality products and solutions. Its broad portfolio, including oil and gas, renewable sources and a full range of advanced products and adaptable solutions, enables the company to meet energy needs with lower carbon emissions and at a competitive cost.
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