Sinopec Signs $40.9 Billion Contract, Sparking a Global Energy Transition Storm!

China Petroleum and Chemical Corporation (hereinafter referred to as "Sinopec", stock code: HKG: 0386) successfully held the "Building a Global Energy Partnership" Forum during the 7th China International Import Expo (CIIE 2024), and held a grand signing ceremony. The expo, which will be held from November 5 to 10, will focus on the global energy transition and building an open, green and low-carbon ecosystem.

At CIIE 2024, Sinopec signed procurement contracts with 38 partners from 18 countries, with a total contract value of up to $40.9 billion. The contracts cover 27 products in 10 categories, including crude oil, chemical products, equipment, materials and consumer goods. Since the first CIIE in 2018, Sinopec's total orders for seven consecutive sessions have exceeded $285 billion.

In the keynote speech of the forum, Sinopec Chairman Ma Yongsheng pointed out that the global energy supply and demand pattern and governance system are in urgent need of reform, and the transformation and development of the energy and chemical industry has entered a new stage. In the face of the huge potential for the development of the industry, Sinopec unswervingly promotes high-quality, intelligent and green development. Ma Yongsheng stressed that the energy and chemical industries can only achieve sustainable development through cooperation, and Sinopec has always upheld the principle of open cooperation and pursued mutual benefit and win-win results with all partners.

Sinopec's strategic goal is to strengthen cooperation in the field of oil and gas resources, and work with all stakeholders to build a more solid industry alliance. The company is also committed to expanding its green energy program to further advance its low-carbon transition goals. In addition, Sinopec seeks to establish technology partnerships and unite innovative forces to achieve harmony between man and nature, effectively address the challenge of climate change, and create a cleaner and more sustainable world for future generations.

At the 2024 CIIE, Sinopec also signed a number of cooperation and procurement agreements with a number of exhibitors. Among them, Sinopec and Total Energy signed a long-term LNG supply framework agreement, under which Total Energy will supply 2 million tons of LNG per year to Sinopec from 2028, for a period of 15 years. The cooperation will enable both parties to further explore opportunities across the entire industrial chain and promote the process of global energy transition.