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TotalEnergies SE (NYSE:TTE) and China Petroleum and Chemical Corporation (SINOPEC) (OTC:SNPMF) inked a strategic cooperation deal to deepen their collaboration, notably in low-carbon energies.
The companies have joined hands to develop a 230,000 tons per year sustainable aviation fuel (SAF) production unit at a SINOPEC refinery in China.
TotalEnergies and SINOPEC have earlier worked together for many years, especially in Angola and Brazil, in Upstream operations and across various domains such as oil, LNG, oil product trading, and engineering.
Patrick Pouyanné, Chairman and CEO of TotalEnergies said, “We are pleased to reinforce our partnership with SINOPEC, a major Chinese energy player which is already our partner in several countries. This strategic cooperation agreement reflects our shared will to combine our multi-energies expertise to address today’s growing global demand, while simultaneously building the decarbonized energy system of tomorrow.”
Read: TotalEnergies Trades Mature Assets for Growth In Low-Emission Congolese Oil Field
Ma Yongsheng, Chairman of SINOPEC, said, “Over the years, the two companies have carried out extensive cooperation in exploration and production, LNG, biofuels, and trading. With this agreement, both companies intend to strengthen the partnership by exploring more opportunities in the fields of sustainable aviation fuel, green hydrogen, CCUS, etc., to fulfil our commitment to low-carbon, green and sustainable growth of the industry.”
Also Read: TotalEnergies To Fast-Track Iraq Solar Power and Gas Projects: Report
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and Keating Active ETF (NASDAQ:KEAT).
Price Action: TTE shares are up 0.39% at $72.31 premarket at the last check Tuesday.
