Malaysia’s Petroliam Nasional Bhd. (Petronas) has inked a memorandum of understanding (MOU) with China Petrochemical Corp. (Sinopec) to discover alternatives for collaboration throughout the whole power worth chain.
“The collaboration will give attention to sustainable progress within the areas of commodity and specialty chemical compounds, crude oil and liquefied pure fuel (LNG) buying and selling, lubricants, and digital options in addition to drive decarbonization efforts for numerous industries reminiscent of transportation, delivery, manufacturing, aviation and energy, thus enabling them to scale back their carbon footprint whereas remaining aggressive,” Petronas stated in a press launch.
Petronas stated the MOU signifies the dedication of the 2 firms to making sure a resilient and reasonably priced power provide to foster financial progress and growth within the Asia Pacific area whereas accelerating the transition to a low-carbon financial system.
Petronas famous that its collaboration with Sinopec started in 1997 with a manufacturing sharing settlement in South Sudan, the place they partnered with different firms for oil and fuel exploration and manufacturing. Their partnership has grown to embody the pure fuel and downstream sectors. This contains supplying LNG and petrochemical merchandise to assist Sinopec’s enlargement of a fuel terminal. Moreover, they collaborate to supply these merchandise for numerous purposes throughout completely different industries, Petronas stated.
Petronas stated that its expansive portfolio, which incorporates oil and fuel, renewable sources, and a prepared vary of superior merchandise and adaptive options permits the corporate to ship power wants with diminished carbon emissions and at a aggressive value.
To contact the creator, e mail andreson.n.paul@gmail.com
What do you assume? We’d love to listen to from you, be a part of the dialog on the
Rigzone Vitality Community.
The Rigzone Vitality Community is a brand new social expertise created for you and all power professionals to Communicate Up about our business, share data, join with friends and business insiders and have interaction in knowledgeable group that may empower your profession in power.