KUALA LUMPUR (May 30): Petroliam Nasional Bhd (Petronas) on Thursday announced it has partnered with China Petrochemical Corporation (Sinopec) to explore opportunities to drive growth and innovation across the energy value chain.

The national oil corporation said the memorandum of understanding with Sinopec will focus on sustainable expansion in areas that include commodity and specialty chemicals, crude oil and liquefied natural gas (LNG) trading, lubricants and digital solutions.

Petronas’ collaboration with the oil and gas enterprise headquartered in Beijing also aims to drive decarbonisation efforts across various industries, including transportation, shipping, manufacturing, aviation and power, said Petronas in a statement.

The collaboration, it added, underscores the commitment of both companies to ensuring a resilient and affordable energy supply in the Asia-Pacific region. Simultaneously, they are actively contributing to the transition toward a low-carbon economy. 

Petronas noted that it has been in partnership with Sinopec since 1997 when they were involved in a production sharing contract in South Sudan, and the cooperation has since expanded to cover gas and downstream sectors.

This includes delivering LNG and petrochemical products to support Sinopec’s gas terminal expansion plan and serving a wide range of applications in other industries.