KUALA LUMPUR: Petroliam Nasional Berhad (Petronas) has entered into a strategic collaboration with China Petrochemical Corporation (Sinopec) to explore opportunities to drive growth and innovation across the energy value chain.
The companies signed a memorandum of understanding to signify the commitment of both companies in ensuring a resilient and affordable energy supply to foster economic growth and development in Asia Pacific while accelerating the transition to a low-carbon economy.
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 decarbonisation efforts for various industries such as transportation, shipping, manufacturing, aviation and power.
Petronas and Sinopec have fostered a partnership since 1997, initially established through a production sharing contract in south Sudan to conduct exploration and production work together with other partners.
It has since extended across the gas and downstream sectors including the delivery of LNG and petrochemical products to support Sinopec's gas terminal expansion plan as well as sourcing for a wide range of applications to other industries.
"Leveraging its capacity as a fully integrated energy provider, Petronas, alongside its partners, has been playing its part in providing access to abundant and affordable energy in the region with quality products and solutions," Petronas said today.
"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 competitive cost," it added.
