French energy company TotalEnergies and China Petroleum and Chemical Corporation (SINOPEC) have signed a strategic cooperation agreement to deepen their collaboration in low-carbon energies.
The agreement was signed on the occasion of the state visit to France by the President of the People’s Republic of China.
The aim is to further develop the partnership between TotalEnergies and SINOPEC by exploring new opportunities and combining their research & development (R&D) expertise in biofuels, green hydrogen, carbon capture, utilization and storage (CCUS), and decarbonization.
The new agreement builds on the two companies’ long-standing partnership and cooperation, notably in Angola and Brazil in upstream operations, and more generally in various domains such as oil, LNG, oil product trading, and engineering.
Recently, the companies have joined forces to develop a 230,000 tons per year sustainable aviation fuel (SAF) production unit at a SINOPEC refinery in China.
“We are pleased to reinforce our partnership with SINOPEC, a major Chinese energy player which is already our partner in several countries. This strategic cooperation agreement reflects our shared will to combine our multi-energies expertise to address today’s growing global demand, while simultaneously building the decarbonized energy system of tomorrow,” said Patrick Pouyanné , Chairman and CEO of TotalEnergies.
Ma Yongsheng , Chairman of SINOPEC, added: “SINOPEC and TotalEnergies have established a strong partnership. Signing this strategic cooperation framework agreement on TotalEnergies’ 100th anniversary marks another milestone. Over the years, the two companies have carried out extensive cooperation in exploration and production, LNG, biofuels, and trading.
“With this agreement, both companies intend to strengthen the partnership by exploring more opportunities in the fields of sustainable aviation fuel, green hydrogen, CCUS, etc., to fulfil our commitment to low-carbon, green and sustainable growth of the industry.”