TotalEnergies, Sinopec In Deal To Collaborate In Low-carbon Energies

(RTTNews) - France's TotalEnergies SE (TTE) and China Petroleum & Chemical Corp. or Sinopec (SNPMF) Tuesday said they have signed a strategic cooperation agreement to deepen their collaboration, notably in low-carbon energies.

Under the deal, the two companies plan to combine their R&D expertise in biofuels, green hydrogen, CCUS and decarbonization.

Both companies have been working together for many years, mainly in Angola and Brazil in Upstream operations, and more generally in various domains of oil, LNG, oil product trading, and engineering.

TotalEnergies and Sinopec recently joined forces to develop a 230,000 tons per year sustainable aviation fuel or SAF production unit at a SINOPEC refinery in China.

Patrick Pouyanne, Chairman and CEO of TotalEnergies, said, "We are pleased to reinforce our partnership with SINOPEC, a major Chinese energy player which is already our partner in several countries. This strategic cooperation agreement reflects our shared will to combine our multi-energies expertise to address today's growing global demand, while simultaneously building the decarbonized energy system of tomorrow."