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 MoU signifies the commitment of both companies in ensuring 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 commodity and specialty chemicals, crude oil and liquefied natural gas (LNG) trading, lubricants, and digital solutions as well as drive decarbonisation efforts for various industries such as transportation, shipping, manufacturing, aviation and power, thus enabling them to reduce their carbon footprint while remaining competitive.
PETRONAS and Sinopec have fostered a partnership since 1997, initially established through a production sharing contract in South Sudan to conduct exploration and production work together with other partners. It has since extended across the Gas and Downstream sectors including the delivery of LNG and petrochemical products to support Sinopec’s gas terminal expansion plan as well as sourcing for a wide range of applications to other industries.