Sinopec, BP sign MoU to deepen cooperation on new energy

China Petroleum & Chemical Corporation (Sinopec), China's largest oil refiner, and British Petroleum (BP) recently signed a memorandum of understanding (MoU) to deepen cooperation on new energy. 

Under the MoU, the two sides will work together to strengthen cooperation in the retail of refined oil, petroleum and natural gas/liquefied natural gas trade, as well as the sales of lubricants and marine fuel oil. 

Besides, they will also explore opportunities for potential collaboration in the low-carbon energy sector, with a particular emphasis on deepening cooperation in electric vehicle (EV) charging and related fields, to contribute to the energy transformation in transportation.

Zhao Dong, general manager of Sinopec, noted that both Sinopec and BP are pioneers in the energy transformation of traditional oil and gas companies. By expanding cooperation and collaboration, both sides will form synergy to complement each other's advantages, jointly cultivate downstream markets, lead the development direction of emerging industries, and embark on a new chapter of efficient and low-carbon development in the oil and gas industry.

William Lin, BP's executive vice president, regions, cities & solutions (RC&S), stated that the long-term cooperative relationship between BP and Sinopec is built on mutual trust and mutual benefits. As both sides strive to achieve net-zero and transform into integrated energy companies, energy transition has provided new opportunities for their strategic partnership. (Edited by Xie Weijia, Hu Pingchao, hupingchao@xinhua.org)