17/06/2024 by OilStoreAdministrator
China Petrochemical Corporation (Sinopec) and Petronas, Malaysia’s state-owned energy company, have both signed a memorandum of understanding (MoU) to explore how they can realise better value and security in the energy supply chain while progressing the shift towards lower carbon technologies.
Datuk Tengku Muhammad Taufik, Petronas’s president and CEO, and Ma Yongsheng, the chairman of Sinopec, were in Kuala Lumpur to attend the signing ceremony for the MoU.
The MoU reflects the mutual desire of both companies to establish resilient supply chains for energy while reducing the cost of it and thereby encourage development and economic growth in the Asia Pacific region. The intended collaboration will feature a number of areas of interest, such as lubricant solutions, improving the sustainability of the specialty and commodity chemicals sectors, liquefied natural gas (LNG) and crude oil trading, and digital solutions.
The two companies will also look at how they can help certain sectors to decarbonise, such as aviation, shipping, power, manufacturing and transportation. The aim is to enable businesses in these sectors to remain competitive while reducing their carbon emissions.
Both parties will also look at exploring opportunities for licensing technologies in fields like the recycling of plastic and biofuels. They are also seeking to invest in areas like carbon capture, utilisation and storage (CCUS), refining and chemicals, new energies, upstream, engineering and technical services. Sinopec also recently signed an agreement for strategic cooperation with TotalEnergies, the maker of the Total metalworking range, on the areas of decarbonisation, biofuels, CCUS and green hydrogen.
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