On May 18, China Petrochemical Corporation (Sinopec Group) and KazMunayGas, a state-owned oil and gas company in Kazakhstan, inked an agreement on jointly developing a polyethylene project in the Atyrau region of Kazakhstan.
The project is the largest natural gas chemical project in Kazakhstan. The final investment decision of the two sides is expected to be made in 2024.
Sinopec Group and KazMunayGas have been cooperation partners for years and the newly signed agreement will work to further deepen their cooperation.
Combining Sinopec Group's capacity in engineering, marketing and production, and operation and KazMunayGas' local and resource advantages, it is expected that the two sides will achieve mutual complementarity and realize win-win development.
Sinopec Group is currently the world's largest oil refining and second-largest chemical company active in the integrated oil and natural gas business, covering the entire industrial chain.
KazMunayGas, with its headquarters in Astana, primarily covers business in fields of oil and natural gas exploitation and development, crude oil processing, oil product selling and storage, and oilfield services.
(Executive editor: Xie Yunxiao)
