Sinochem Energy Signs Contracts with 12 Petrochemical Suppliers at CIIE, Highlighting Clean Energy, Green, and Low-Carbon Development

Source:     Author:     Date:2021-11-08     

From November 5 to 10, the 4th China International Import Expo was held at the Shanghai National Convention Center. Sinochem Energy Co., Ltd. (Sinochem Energy) participated in the expo and signed cooperation agreements with 12 international suppliers to purchase high-quality crude oil, natural gas, and chemicals during the special signing event of Sinochem Holdings Co., Ltd. (Sinochem Holdings).

At the signing ceremony, Ning Gaoning, Chairman of Sinochem Holdings, stated that as one of the world’s leading integrated chemical enterprises, Sinochem Holdings would strengthen cooperation with overseas partners at the CIIE and focus on green and low-carbon efforts as well as China's upgrades to its industries and patterns of consumption. By introducing high-quality energy, clean energy, and petrochemical raw materials from around the world, Sinochem would ensure the availability of a domestic supply of energy and raw materials for manufacturers, stabilize industrial and supply chains with high-quality imports, further expand fields for cooperation, and build a more diversified circle of friends in business and an industrial ecological circle.

Sinochem Energy signed crude oil purchase and natural gas cooperation agreements with various international energy companies, including Saudi Aramco, Kuwait Petroleum, Mitsui Bussan, Lukoil, Vitol, Glencore, Cheniere, and Energy Transfer. Additionally, Sinochem Energy continues to deepen cooperation with oil companies in major oil-producing countries and international energy companies to ensure the stability of crude oil and natural gas import resources and further expand procurement channels to reduce procurement costs. It also signed chemical procurement agreements with international chemical companies such as Petronas Chemicals, Methanex, Sojitz, and BASF to guarantee the supply of raw materials for China's chemical industry, meet market demand, and help upgrade China’s industrial structure.

Notably, Sinochem also signed a 17.5-year-long LNG purchase and sales agreement with Cheniere Energy at the CIIE. Under this agreement, Sinochem will purchase LNG (liquefied natural gas) from Chenier Energy starting in July 2022, with the long-term volume gradually increasing from 900,000 tons/year to 1.8 million tons/year. With rich international trade experience and operational strength, Sinochem Energy has formed close cooperative relationships with national oil companies and international oil and gas companies in major oil and gas-producing countries around the world for many years. The purchase of LNG from overseas is an important measure taken by the company to ensure domestic energy supply to promote the transformation and upgrading of the energy industry and further achieve green innovative development, which will help achieve China’s carbon peaking and carbon neutrality goals. Jia Ying, CEO of Cheniere Energy China said that as the world's second-largest liquefied natural gas (LNG) producer, Cheniere Energy looks forward to building a closer strategic partnership with Sinochem Energy on the basis of this LNG long-term trade cooperation and contributing to China's double carbon goal with stable, reliable, and flexible LNG resources.

China is the world's largest producer and user of methanol, with production capacity and output exceeding half of the world. At this year's CIIE, Sinochem Energy signed methanol product procurement contracts with excellent petrochemical suppliers, such as BASF and Petronas Chemicals. As China promotes the development of alternative energy, the purchase of methanol products will help improve the country’s energy structure and ensure energy security. Bai Zhijian, CEO of Petronas Chemicals (China), stated that Petronas Chemicals has mature sales channels and marketing services for petrochemical products. Through strategic cooperation with Sinochem Energy, Petronas Chemicals hopes to better serve the Chinese market, supply more high-quality chemical products, and assist in the green transformation and development of the chemical industry.

Sinochem Energy has participated in the China International Import Expo for four consecutive years and has established partnerships with numerous world-class petrochemical suppliers. In the future, Sinochem Energy will continue to adhere to the energy security strategy referred to as “four revolutions and one cooperation,” which will guide its operations and promote the steady development of the energy business as it aims for sustainable development and green and low-carbon. The company’s efforts are driven by science and technology and characterized by innovative growth, which ultimately will contribute to the realization of carbon peaking and carbon neutrality goals.

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