TotalEnergies, Sinopec sign strategic cooperation agreement
Published on: May 28, 2024
The latest agreement will focus on low-carbon energies like biofuels, green hydrogen and carbon capture.
During the state visit of the President of the People's Republic of China to France, TotalEnergies and China Petroleum and Chemical Corporation (Sinopec) signed a strategic cooperation agreement aimed at deepening their collaboration with a focus on low-carbon energies. The agreement was signed by Patrick Pouyanné, Chairman and CEO of TotalEnergies, and Ma Yongsheng, Chairman of Sinopec.
TotalEnergies and Sinopec have a long history of cooperation, with joint operations in countries such as Angola and Brazil, focusing on upstream activities and other areas like oil, LNG, oil product trading, and engineering. Recently, both companies collaborated on the development of a sustainable aviation fuel (SAF) production unit with a capacity of 230,000 tons per year at a Sinopec refinery in China.
"We are pleased to reinforce our partnership with SINOPEC, a major Chinese energy player and our partner in several countries. This strategic cooperation agreement reflects our shared commitment to combining our multi-energy expertise to meet the growing global demand while building a decarbonized energy system for the future," Patrick Pouyanné, Chairman and CEO of TotalEnergies.
The new strategic cooperation agreement aims to further strengthen the partnership between both companies. The companies plan to focus on combining their research and development capabilities in biofuels, green hydrogen, carbon capture, utilization, and storage (CCUS), and other decarbonization efforts.
“With this agreement, we intend to strengthen our partnership by exploring more opportunities in sustainable aviation fuel, green hydrogen, CCUS, and other areas to promote low-carbon, green, and sustainable growth in the industry,” said Dr. Ma Yongsheng, Chairman of Sinopec.
