TotalEnergies and SINOPEC Sign Strategic Agreement to Boost Low-Carbon Energy Initiatives

TotalEnergies and SINOPEC Sign Strategic Agreement to Boost Low-Carbon Energy Initiatives

(IN BRIEF) During a state visit to France by the President of China, TotalEnergies and SINOPEC, represented by their respective leaders Patrick Pouyanné and Ma Yongsheng, signed a strategic cooperation agreement to enhance their collaboration in low-carbon energies. Building on a longstanding partnership in oil, LNG, and other energy sectors across countries like Angola and Brazil, the companies are now focusing on advancing sustainable energy solutions. This includes the development of a new sustainable aviation fuel (SAF) production unit in China, capable of producing 230,000 tons annually. The agreement is set to deepen joint efforts in R&D for biofuels, green hydrogen, carbon capture, utilization and storage (CCUS), and decarbonization strategies. This move signifies both companies’ commitment to supporting the transition to a sustainable, low-carbon energy future.

(PRESS RELEASE) PARIS, 7-May-2024 — /EuropaWire/ — 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.

TotalEnergies and SINOPEC have been working together for many years, 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.

This strategic cooperation agreement aims to further develop the partnership between TotalEnergies and SINOPEC and seize new opportunities by leveraging their respective expertise. In particular, the two companies plan to combine their R&D expertise in biofuels, green hydrogen, CCUS and decarbonization.

“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.

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

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SOURCE: TotalEnergies