TotalEnergies and Sinopec Bolster Collaboration in Decarbonization Efforts

During the state visit to France by the President of the People's Republic of China, Patrick Pouyanné, Chairman and CEO of TotalEnergies, and Ma Yongsheng, Chairman of China Petroleum and Chemical Corporation ("SINOPEC"), inked a strategic cooperation agreement to enhance their partnership, particularly in the realm of low-carbon energies.

For numerous years, TotalEnergies and SINOPEC have engaged in collaborative efforts, particularly in Upstream operations in Angola and Brazil, as well as in various other domains including oil, LNG, oil product trading, and engineering. Recently, they have partnered to establish a sustainable aviation fuel (SAF) production unit with an annual capacity of 230,000 tons at a SINOPEC refinery in China.

The primary objective of this strategic collaboration agreement is to advance the partnership between TotalEnergies and SINOPEC, capitalizing on their individual strengths, and capitalize on emerging opportunities. Specifically, the two firms intend to merge their research and development capabilities in areas such as biofuels, green hydrogen, CCUS, and decarbonization.

"We are delighted to strengthen our collaboration with SINOPEC, a significant player in the Chinese energy sector with whom we already have established partnerships in various nations. This strategic cooperation agreement underscores our mutual commitment to harnessing our diverse energy expertise to meet the increasing global energy demand while laying the groundwork for a decarbonized energy landscape in the future," commented Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“SINOPEC and TotalEnergies have cultivated a robust partnership. This strategic cooperation framework agreement, signed on the occasion of TotalEnergies' centennial anniversary, signifies yet another significant milestone. Through the years, the two companies have engaged in extensive collaboration spanning exploration and production, LNG, biofuels, and trading. With this agreement, both entities aim to fortify their alliance by exploring additional opportunities in sustainable aviation fuel, green hydrogen, CCUS, and more, reaffirming our dedication to fostering low-carbon, green, and sustainable progress within the industry,” remarked Dr. Ma Yongsheng, Chairman of SINOPEC.

TotalEnergies stands as a worldwide integrated energy corporation, engaged in the production and distribution of various energy sources, including oil, biofuels, natural gas, green gases, renewables, and electricity. With a workforce exceeding 100,000 individuals, we are dedicated to delivering dependable, cost-effective, and eco-friendly energy solutions to communities worldwide. Operating across approximately 120 nations, sustainability lies at the core of our strategy, initiatives, and everyday activities.

Sinopec Corp., officially known as China Petroleum & Chemical Corporation, is a publicly traded company listed on both domestic and international stock exchanges. It operates across the entire oil and gas value chain, including upstream, midstream, and downstream activities, with a strong focus on oil and petrochemical core businesses and a comprehensive marketing network. Founded on February 25th, 2000, by China Petrochemical Corporation (known as "Sinopec Group"), Sinopec Corp. ranks among the leading integrated energy and chemical enterprises in China.