On May 30, Sinopec and PETRONAS signed in Kuala Lumpur a Memorandum of Understanding to strengthen strategic cooperation between the two sides, with an aim to promote holistic growth and explore new frontiers of the energy industry. Mr. Ma Yongsheng, Chairman of Sinopec and Mr. Datuk Tengku Muhammad Taufik, President and CEO of PETRONAS, witnessed the signing ceremony.

According to the MoU, both sides expect to seek joint opportunities and converging areas, including the investment in upstream, refinery and chemicals, new energy and carbon capture, utilization and storage (CCUS), the technical and engineering services, as well as tradings of LNG, crude and refined products, specialty chemicals and non-fuel products. In the meantime, both sides will explore the technology licensing opportunities such as biofuels and plastic recycling.

Both parties enjoy the solid partnership in upstream and engineering services, while expecting to achieve complementarity, lead the pack in emerging industries and usher in a new chapter in high-quality and low-carbon development of the energy industry.