The signing of the strategic cooperation framework agreement between Sinopec and Total Energy not only has an economic significance, but also has a strategic value. It will promote in-depth cooperation between China and France in the energy field, to respond to global energy challenges and achieve sustainable development
On the occasion of the state visit to France by the President of the People's Republic of China, TotalEnergies, represented by Patrick Pouyanné, Chairman and CEO, and China Petroleum and Chemical Corporation (“SINOPEC”), represented by Ma Yongsheng, Chairman, signed a strategic cooperation agreement to deepen their collaboration, notably in low-carbon energies.
According to this agreement, the two companies, based on existing cooperation, will fully exploit each other's advantages in resources, technology and talents, and jointly explore and acquire the fields of oil and gas exploration and development, natural gas supply, trading of liquefied natural gas, chemical refining and production, engineering trade and all-round cooperation opportunities in new energy fields.
The signing of the agreement was jointly witnessed by Ma Yongsheng, chairman of Sinopec, and Pan Yanlei, president and CEO of Total Energy, underlining that both parties will work side by side to create a better future.
Both sides view this cooperation as an important opportunity to deepen and expand cooperation and will work together to explore new cooperation opportunities in low-carbon energy sectors such as sustainable aviation fuel, green hydrogen, , carbon use and storage. Through cooperation, both sides hope to make positive contributions to the green, low-carbon and sustainable development of the industry and jointly promote the transformation and improvement of the energy sector.
China and France have a long history of cooperation spanning 60 years in the energy field and have achieved remarkable results, being one of the key areas of cooperation between the two countries.
Considering the 55th anniversary of the establishment of diplomatic relations between China and France in 2019 as an important node, Sinopec Group and Air Liquide signed a memorandum of cooperation, marking the further strengthening of cooperation between the two countries in the field of hydrogen energy and opening a new chapter for the future development of clean energy.
In March 2024, Sinopec once again announced that it would partner with Total Energy to jointly engage in sustainable aviation fuel production.
“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.
“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,” added Dr. Ma Yongsheng, Chairman of SINOPEC.
Comments