On May 30, China Petrochemical Corporation (Sinopec) and Malaysia's oil and gas company Petronas signed a strategic cooperation Memorandum of Understanding (MoU) in Kuala Lumpur to explore opportunities to drive growth and innovation across the energy value chain.
According to the MoU, Sinopec and Petronas will actively seek complementary and synergistic cooperation opportunities, including exploring investments in upstream, refining, and new energy sectors.
The two sides will also focus on seeking cooperation opportunities in project consulting and engineering technical services, as well as oil products, specialty chemicals, and non-oil products trading.
Additionally, the collaboration will help promote cooperation in licensing technologies for biomass fuel and plastic pyrolysis recycling.
Sinopec and Petronas have a strong foundation of cooperation in the oil and gas and engineering fields, and have achieved significant results in strategic assessment and fostering new businesses to strengthen energy transition. They believe that by expanding the areas of cooperation, mutual benefits can be achieved. Moreover, together they will help promote the development of emerging industries, and open a new chapter in efficient and low-carbon development in the oil and gas industry.
Sinopec is an integrated oil and gas company and is listed both domestically and internationally. Its main businesses include oil and gas exploration and development, refining production and operations, chemical production and operations, product marketing and services, petroleum and refining engineering services, new energy development and utilization, and international trade. Currently, the company is the largest oil and petrochemical products supplier in China, the largest refining company and the second-largest chemical company in the world. It has consistently ranked among the top of the Fortune Global 500 list for ten consecutive years.
Petronas is a global energy group with operations in over 100 countries. The company provides cleaner traditional energy and renewable energy, as well as a range of advanced products and adaptive solutions. It focuses on sustainability, leveraging the advantages of energy to enhance and enrich people's livelihoods.
(Executive editor: Zhu Zeya)
