Petronas Inked MoU with Sinopec to Boost Collaboration

SEATTLE (Oil Monster): Malaysian multinational oil and gas company Petronas has signed a Memorandum of Understanding (MoU) with China Petrochemical Corporation (Sinopec) to explore opportunities for collaboration.

The agreement signed between the two companies will focus on sustainable growth in various areas including trading of crude oil and liquefied natural gas (LNG) as well as lubricants. The MoU aims to boost decarbonization efforts for various energy industries, thus helping them to remain competitive while helping them to reduce their carbon footprint, the press release by Pertronas stated.

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The MoU reiterates the commitment of both the companies to ensure resilient and affordable supply of energy to boost economic growth and development in the Asia Pacific region and accelerate the transition to a reduced carbon footprint.

The collaboration between Petronas and Sinopec began in 1997 in South Sudan, where it has entered into a production sharing agreement in partnership with other companies to boost oil and gas exploration and output. The partnership had resulted in significant expansion of Sinopec’s gas terminal.

The new agreement will promote a diverse array of advanced products and adaptable solutions for both the companies, helping them to meet boosted energy demand while cutting carbon emissions.