Sinopec's Impressive Participation at CIIE
China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") recently made headlines by hosting an influential forum titled "Building Global Energy Partnerships" at the 7th China International Import Expo (CIIE 2024). This event, held in Shanghai, underscores Sinopec's commitment to addressing global energy transition and fostering a sustainable, low-carbon ecosystem.
Highlighting a Record-Breaking Contract
During this significant expo, Sinopec announced purchasing contracts worth a staggering US$40.9 billion with 38 partners from 18 countries. In a total of seven sessions spanning since its inception, Sinopec's contracts have now amassed an impressive total exceeding US$285 billion. These agreements include a diverse range of 27 products across 10 major categories, such as crude oil, chemicals, equipment, and consumer goods.
Keynote Insights from the Forum
At the signing ceremony, Ma Yongsheng, the chairman of Sinopec, delivered a keynote speech emphasizing the urgent need for changes in the global energy supply and demand landscape. He remarked, "The transformational development of the energy and chemical industry has entered a new stage, necessitating innovative approaches and cooperative measures."
Commitment to Sustainable Development
Ma highlighted Sinopec's unwavering dedication to promoting high-quality, intelligent, and green development through advanced technologies. He recognized that the only path to sustainable growth in the energy and chemical sectors is through strong collaboration with partners in the industry. With a focus on open cooperation, Sinopec aims to create mutual benefits for all parties involved.
Building a Resilient Industry Alliance
Sinopec's vision extends to enhancing its collaborations on oil and gas resources, as the company seeks to establish a robust and stable industry alliance. Furthermore, it is dedicated to advancing its green energy initiatives to drive a low-carbon transformation. By fostering partnerships centered around technology and innovation, Sinopec endeavors to create a harmonious balance between human activities and nature, effectively combating climate challenges and cultivating a sustainable future.
Strategic Agreements at CIIE 2024
In addition to the purchasing contracts, Sinopec signed several cooperation and procurement agreements during CIIE 2024. Notably, a long-term LNG supply framework agreement was established with TotalEnergies, which entails the supply of 2 million tons of LNG per year to Sinopec starting in 2028 over a period of 15 years. This collaboration will enable both companies to explore further opportunities throughout the entire industry chain in pursuit of promoting global energy transformation.
Frequently Asked Questions
What is the main theme of Sinopec's forum at CIIE?
The main theme was "Building Global Energy Partnerships" focusing on the global energy transition.
How much was the total purchasing contracts signed by Sinopec?
Sinopec signed purchasing contracts totaling US$40.9 billion during the expo.
What types of products were included in Sinopec's contracts?
The contracts included crude oil, chemicals, equipment, materials, and consumer goods among others.
What is Sinopec's commitment towards sustainable development?
Sinopec is committed to advancing intelligent, green development through technology and strong partnerships.
With whom did Sinopec sign a long-term LNG supply agreement?
Sinopec signed a long-term LNG supply agreement with TotalEnergies.
