Sinopec and BP signed a Memorandum of Understanding (MoU) at the World Economic Forum in Davos to strengthen cooperation in areas including fuel retailing, oil and gas trading, lubricant and marine fuel sales, and upstream activities. The two companies will also explore a potential low-carbon cooperation such as new energy vehicle (EV) charging and related fields, boosting energy transition in transport. 

Sinopec and BP are both pioneers in energy transition from traditional energy and chemical companies. Built upon solid partnership, they have made joint strategic steps to embrace energy transformation and nurture new businesses. The partnership will expand and enrich the collaboration across extensive areas to achieve complementary synergy. It will also help the two companies jointly grow downstream markets and setting the pace for emerging industries.