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PETRONAS COLLABORATES WITH SINOPEC TO EXPLORE FUTURE OPPORTUNITIES
Friday 31/05/2024
Left to right: Mazuin Ismail, Senior Vice President, Downstream, PETRONAS; Tan Sri Tengku Muhammad Taufik, PETRONAS President and Group Chief Executive Officer; Ma Yongsheng, Sinopec Group Chairman; and Dai Liqi, Sinopec Managing Director for International Cooperation.
KUALA LUMPUR, May 31 (Bernama) -- 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.
Leveraging its capacity as a fully integrated energy provider, PETRONAS, alongside its partners, has been playing its part in providing access to abundant and affordable energy in the region with quality products and solutions. Its expansive portfolio, which includes oil and gas, renewable sources and a ready range of advanced products and adaptive solutions enables the company to deliver energy needs with reduced carbon emissions and at competitive cost.
About Petroliam Nasional Berhad (PETRONAS)
PETRONAS is a dynamic global energy group with presence in over 100 countries. The Group produces and delivers energy and solutions that power society’s progress in a responsible and sustainable manner.
PETRONAS seeks energy potential across the globe, optimising value through its integrated business model. Its Group portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions.
Sustainability is at the core of what the Group does, as it harnesses the good in energy to elevate and enrich lives. People are its strength and partners for growth, driving passion for innovation to progress towards the future of energy sustainability.
Issued by:
Media Communications, Strategic Communications
Group Strategic Relations & Communications
PETRONAS
SOURCE: PETRONAS
FOR MORE INFORMATION, PLEASE CONTACT:
Name: Nabil Basaruddin
Tel: +6012 424 9750
Email: nabil.basaruddin@petronas.com
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