Sinopec has actively embraced the wave of economic globalization and seized the opportunities for high-quality cooperation under the BRI. Upholding the philosophy of "achieving win-win results through open cooperation", the Company has deepened international production capacity cooperation with an open and inclusive mindset. This has led to the preliminary establishment of an overseas strategic layout that integrates oil and gas resource exploration, onshore and offshore resource development, and both conventional and unconventional energy projects. Sinopec has also coordinated and promoted efforts across various business segments, including overseas oil and gas exploration and development, refining and sales, chemicals and new materials, as well as engineering and technical services, aiming to build a mutually beneficial energy cooperation community of shared interests and create a more diverse, secure, and reliable international energy cooperation framework. As of 2024, Sinopec had expanded its footprint to 152 countries and regions, with 461 overseas projects in operations.

Case

Sinopec signs strategic cooperation memorandum with BP

In January 2024, Sinopec and BP signed a strategic cooperation memorandum. Under this agreement, the two parties will continue to strengthen cooperation in areas including refined oil retail, oil and gas/LNG trading, lubricant and marine fuel oil sales, and upstream operations. They will also explore joint opportunities in low-carbon energy, with a particular focus on expanding collaboration in NEV charging and related services, contributing to the energy transition in the transportation sector.

Sinopec signs agreement with TotalEnergies

In March 2024, Sinopec and TotalEnergies signed a head of agreement in Beijing to jointly produce sustainable aviation fuel at a Sinopec refinery using waste oils, with an annual production capacity of 230,000 metric tons. The new production line will be jointly operated by both companies. In May, Sinopec and TotalEnergies signed a strategic cooperation framework agreement in Paris. Building on their existing partnership, they will leverage their respective strengths in resources, technology, and talent to jointly explore opportunities for collaboration across the entire value chain, from oil and gas exploration and development and natural gas to LNG, refining, petrochemicals, engineering trade, and new energy. In November, Sinopec and TotalEnergies signed a long-term LNG supply framework agreement, under which TotalEnergies will supply Sinopec with approximately 2 million metric tons of LNG annually starting in 2028, continuing for 15 years. This agreement marks a significant step in deepening cooperation across the entire industry chain and advancing the global energy transition.

Sinopec acquires stake in Kazakhstan's polyethylene project

In April 2024, Sinopec and KazMunayGas (KMG), Kazakhstan's national oil and gas company, completed the equity transfer for the Silleno polyethylene project in Astana. In November, the project, now partially owned by Sinopec, entered the construction phase. As Kazakhstan's first large-scale chemical project, it marks a new milestone in Sinopec's cooperation with KMG in the petrochemical industry. The project is expected to create around 8,800 jobs across both construction and operations. Once in production, it is projected to contribute approximately 1.2% to Kazakhstan's GDP, significantly contributing to regional social stability and creating new employment opportunities.

Sinopec strengthens CCUS and new energy cooperation with NIS

In September 2024, Sinopec and Naftna Industrija Srbije (NIS) signed a cooperation memorandum, under which the two parties will collaborate in CCUS, hydrogen energy, PV power, wind power, geothermal energy, and other new energy sectors. This marks an important step in advancing their joint efforts in the fields of CCUS and new energy development. Looking ahead, Sinopec will continue to support CCUS technology cooperation with NIS, including the development of Serbia's first CCUS project. The partnership will also extend to enhanced oil recovery, refinery upgrading and transformation, and hydrogen energy production, storage, and transportation.

Sinopec completes its first overseas hydrogen refueling station, making "green" Hong Kong's defining feature

In November 2024, Sinopec completed its first overseas hydrogen refueling station—the Sinopec Hong Kong Au Tau Hydrogen Refueling Station. With a daily capacity of 1,000 kilograms, once operational, the station will provide all-weather refueling services for buses, sanitation vehicles, and private cars, supporting Hong Kong's transition to green energy. Sinopec also signed a memorandum of cooperation with the Hong Kong Environmental Protection Department to support the development and application of hydrogen energy in Hong Kong, strengthening collaboration on hydrogen energy development, application demonstrations, and capacity building. At the same time, the Company has been actively promoting its Power in Time (PIT) charging network in Hong Kong and accelerating the transformation of conventional gas stations into comprehensive energy stations offering oil, gas, hydrogen, and electricity. These efforts reflect Sinopec's commitment to providing diverse energy solutions for Hong Kong's drivers and creating a green, low-carbon energy ecosystem across multiple use cases.

Sinopec enters Australian refined oil terminal market

In November 2024, Sinopec HK's Australian subsidiary signed a cooperation agreement with JASBE, a local refined oil retailer, marking Sinopec's official entry into Australia's refined oil retail market. This marks the Company's first foray into overseas retail terminals, broadening its international oil product sales network and increasing brand recognition across the Asia-Pacific region. Under the agreement, the two parties will collaborate on gas station development, refined oil retail, Easy Joy services, and new energy initiatives. The first four jointly operated gas stations will undergo brand upgrades to provide high-quality, comprehensive energy services to Australian drivers. This partnership reflects the oil product sales company's response to the BRI, as well as Sinopec's strategies to go global and expand global presence through international cooperation, marking progress in building the Company's overseas retail network in new markets and countries.