Petroliam Nasional Berhad (Petronas) has signed a memorandum of understanding with China Petrochemical Corp. (Sinopec) to explore growth opportunities in the areas of commodity and specialty chemicals, crude oil and LNG trading, lubricants, and digital solutions.
The companies will also explore ways to drive decarbonization efforts for various industries such as transportation, shipping, manufacturing, aviation, and power, the companies said in a joint release May 30.
The two companies have been in partnership since 1997, initially established through a production sharing contract in South Sudan to conduct exploration and production work together with other partners. The partnership has since expanded to include the natural gas and downstream sectors including the delivery of LNG and petrochemical products to support Sinopec's gas terminal expansion plan as well as sourcing for a wide range of applications to other industries.