Sinopec and PETRONAS sign MoU to enhance energy value chain cooperation

The collaboration will include the areas of new energy and CCUS.

China’s Sinopec and Malaysia’s PETRONAS entered a Memorandum of Understanding (MoU) to reinforce their strategic cooperation to boost the energy value chain.

In a statement, Sinopec said the MoU outlines the collaboration of the two companies in areas which include investment in upstream, refinery, chemicals, new energy, carbon capture, utilisation and storage, and technical and engineering services.

They will explore joint opportunities in tradings of liquefied natural gas, crude and refined products, speciality chemicals, and non-fuel products.
Sinopec and PETRONAS will also look into technology licensing opportunities for biofuels and plastic recycling, amongst others.