Sinopec Hosts Forum Session at 7th China International Import Expo

Rhea-AI Summary

Sinopec hosted a forum and signing ceremony at the 7th China International Import Expo (CIIE 2024), securing US$40.9 billion in purchasing contracts with 38 partners from 18 countries. The contracts cover 27 products across 10 categories, including crude oil, chemicals, and equipment. A significant agreement was signed with TotalEnergies for 2 million tons of LNG supply annually for 15 years, starting 2028. Since CIIE's inception in 2018, Sinopec's total signed orders have reached US$285 billion. The company emphasizes its commitment to promoting high-quality, intelligent, and green development through open cooperation and technological advancement.

Positive

• Secured US$40.9 billion in new purchasing contracts
• Established long-term LNG supply agreement with TotalEnergies for 2 million tons annually
• Achieved cumulative contracts worth US$285 billion across seven CIIE sessions

Negative

• None.

US$40.9 billion in purchasing contracts signed with 38 partners, bringing the total of seven sessions of CIIE to US$285 billion

SHANGHAI, Nov. 5, 2024 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, "Sinopec") has hosted a forum titled "Building Global Energy Partnerships" and a signing ceremony at the 7th China International Import Expo (CIIE 2024) in Shanghai. The exhibition, running from November 5 to 10, is focused on the global energy transition and fostering an open, green, and low-carbon ecosystem.

At the signing ceremony, Sinopec signed purchasing contracts with 38 partners from 18 countries, which totaled US$40.9 billion, including 27 products from 10 major categories, including crude oil, chemicals, equipment, materials, consumer goods and more. Since the first CIIE in 2018, Sinopec has signed orders exceeding a total of US$285 billion in seven sessions.

Ma Yongsheng, chairman of Sinopec, remarked in a keynote speech at the forum that the global energy supply as well as demand pattern and governance system are in need of real changes, and the transformational development of energy and chemical industry is already in a new stage.

"In the face of the great momentum of development, Sinopec unswervingly commits to promoting high-quality, intelligent, and green development leveraging advanced technologies," said Ma. "We also understand deeply that the energy and chemical industries can only achieve sustainable development through cooperation. Sinopec has always adhered to open cooperation and achieve mutual wins with all our partners."

Sinopec aims to enhance collaboration on oil and gas resources, working with various stakeholders to establish a more stable industry alliance. The company is also committed to expanding its green energy initiatives to further its low-carbon transformation goals. Additionally, Sinopec seeks to foster technology partnerships to unite innovative efforts, aiming to create a harmonious balance between humanity and nature, address climate challenges effectively, and build a cleaner, more sustainable world for future generations.

At CIIE 2024, Sinopec also signed cooperation and procurement agreements with a number of companies at the event. It has signed a framework agreement with TotalEnergies on long-term LNG supply, under which TotalEnergies will supply 2 million tons of LNG per year to Sinopec from 2028, for a total of 15 years. The partnership will enable both parties to further explore opportunities across the whole industry chain and promote global energy transformation.

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SOURCE SINOPEC

FAQ

What is the total value of Sinopec's purchasing contracts at CIIE 2024?

Sinopec signed purchasing contracts worth US$40.9 billion with 38 partners from 18 countries at CIIE 2024.

How much LNG will TotalEnergies supply to Sinopec under the new agreement?

TotalEnergies will supply 2 million tons of LNG per year to Sinopec for 15 years, starting from 2028.

What is Sinopec's total contract value across all CIIE sessions since 2018?

Sinopec has signed orders exceeding US$285 billion in total across seven CIIE sessions since 2018.