Total Energies, Sinopec strengthen cooperation
Total Energies and China Petroleum and Chemical Corp. (Sinopec) signed a strategic cooperation agreement May 7 to deepen their collaboration, notably in low-carbon energies.
The new agreement, which comes on the heels of the two companies joining forces in March to develop a 230,000-ton-per-year sustainable aviation fuel (SAF) production unit at a Sinopec refinery in China, coincided with a visit to France by Chinese President Xi Jinping.
Total Energies and Sinopec have been working together for many years, notably in Angola and Brazil in upstream operations, and more generally in various domains such as oil, liquefied natural gas (LNG), oil-product trading and engineering.
This strategic cooperation agreement aims to further develop the partnership between Total Energies and Sinopec and seize new opportunities by leveraging their respective expertise.
In particular, the two companies plan to combine their R&D expertise in biofuels; green hydrogen; carbon capture, utilization and storage (CCUS); and decarbonization.
“We are pleased to reinforce our partnership with Sinopec, a major Chinese energy player that is already our partner in several countries,” said Patrick Pouyanné, chairman and CEO of Total Energies.
“This strategic cooperation agreement reflects our shared will to combine our multi-energies expertise to address today’s growing global demand, while simultaneously building the decarbonized energy system of tomorrow,” Pouyanné added.
Ma Yongsheng, chairman of Sinopec, said, “Sinopec and Total Energies have established a strong partnership. Signing this strategic cooperation framework agreement on Total Energies’ 100th anniversary marks another milestone. Over the years, the two companies have carried out extensive cooperation in exploration and production, LNG, biofuels and trading. With this agreement, both companies intend to strengthen the partnership by exploring more opportunities in the fields of sustainable aviation fuel, green hydrogen, CCUS and more to fulfill our commitment to low-carbon, green and sustainable growth of the industry.”
