(AOF) – TotalEnergies and China Petroleum and Chemical Corporation (Sinopec) have signed a strategic cooperation agreement aimed at deepening their collaboration, particularly in low-carbon energies. This strategic cooperation agreement aims to expand the existing partnerships between the two groups. The two companies plan in particular to combine their R&D expertise in the fields of biofuels, green hydrogen, CCUS (CO2 capture, storage and utilization), and decarbonization.
TotalEnergies and Sinopec have worked together for many years, particularly in Angola and Brazil in exploration-production, and more generally in the fields of oil, LNG, petroleum products trading and engineering.
The two companies recently joined forces to jointly develop a 230,000 tonne per year production unit of Sustainable Aviation Fuel (SAF) at a Sinopec refinery in China.
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Biogas to green activities
Obtained through the decomposition of waste, it falls into the category of green energy. It is part of the strategy of many countries, particularly in Europe, to reduce their dependence on hydrocarbon imports. Oil groups have strong ambitions in the field, as two recent operations reveal. The British BP took over the American Archaea Energy for 4.1 billion dollars. Then, the Anglo-Dutch Shell announced the acquisition of the Danish Nature Energy for $2 billion. These operations display high valuation levels, highlighting the strong potential of the sector. TotalEnergies had already taken a stake in the American Clean Energy Fuels Corp in 2018, of which it now holds 19%. It recently joined forces with Veolia to recover biomethane from waste treatment facilities.