BP, Sinopec forge partnership to advance energy transition
SUMMARY
The companies will support each other's energy transition strategies and contribute to their respective sustainable development goals. [Image: BP]
By Shardul SharmaGlobal energy giant BP and state-owned China Petroleum & Chemical Corporation (Sinopec) have inked a memorandum of understanding (MoU) to support each other's energy transition strategies and contribute to their respective sustainable development goals, BP China announced on January 18.
The strategic partnership outlined in the MoU seeks to fortify the ongoing cooperation between BP and Sinopec across various domains, including refined oil retailing, oil and natural gas/LNG trading activities, marine fuel oil sales and lubricants, and upstream collaboration. The agreement also paves the way for the exploration of potential cooperation opportunities in the field of energy transition.
One of the key focal points of this collaboration is the deepening of efforts in the rapidly evolving new energy vehicle market in China. Building upon the success of their existing cooperation, BP and Sinopec plan to expand their collaboration into new energy vehicle charging and related fields.
