“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 decarbonization efforts for various industries such as transportation, shipping, manufacturing, aviation and power, thus enabling them to reduce their carbon footprint while remaining competitive,” Petronas said in a press release.
Petronas said the MOU signifies the commitment of the two companies to 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.
Petronas noted that its collaboration with Sinopec began in 1997 with a production sharing agreement in South Sudan, where they partnered with other companies for oil and gas exploration and production. Their partnership has grown to encompass the natural gas and downstream sectors. This includes supplying LNG and petrochemical products to support Sinopec's expansion of a gas terminal. Additionally, they collaborate to source these products for various applications across different industries, Petronas said.
Petronas said that 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 a competitive cost.
