In a move aimed at bolstering energy resilience and fostering sustainable growth in the Asia Pacific region, Petroliam Nasional Berhad (PETRONAS) has inked a significant memorandum of understanding with China Petrochemical Corporation (Sinopec). The collaboration seeks to explore diverse opportunities spanning the energy value chain, with a keen focus on innovation and decarbonisation efforts.
The MoU underscores the shared commitment of PETRONAS and Sinopec towards ensuring a robust and affordable energy supply while facilitating the transition towards a low-carbon economy. By pooling their expertise and resources, both companies aim to drive sustainable growth across various sectors, including commodity and specialty chemicals, crude oil and liquefied natural gas (LNG) trading, lubricants, and digital solutions.
Furthermore, the collaboration intends to spearhead decarbonisation initiatives across key industries such as transportation, shipping, manufacturing, aviation, and power generation. Through the adoption of cutting-edge technologies and sustainable practices, PETRONAS and Sinopec aim to empower these industries to reduce their carbon footprint while enhancing their competitiveness on the global stage.
The partnership between PETRONAS and Sinopec traces back to 1997 when they first joined forces under a production sharing contract in South Sudan. Since then, their collaboration has expanded significantly, encompassing various sectors such as Gas and Downstream, with a focus on delivering LNG and petrochemical products to support Sinopec’s gas terminal expansion plans.
Leveraging PETRONAS’s status as a fully integrated energy provider, the collaboration aims to provide access to abundant and affordable energy solutions in the region. PETRONAS’s diverse portfolio, which includes conventional oil and gas, renewable energy sources, and advanced products, positions the company to meet evolving energy needs while mitigating carbon emissions and ensuring cost competitiveness.
Through this strategic collaboration, PETRONAS and Sinopec are poised to drive innovation, foster economic growth, and lead the charge towards a more sustainable energy future in the Asia Pacific region and beyond.
Source Petronas