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BEIJING, May 22, 2023 /PRNewswire/ -- China Petroleum
The agreement, signed during Kazakh President Kassym-Jomart Tokayev's visit to China, states that Sinopec will participate in the project and promote it as a cooperative partner. The polyethylene project will be the largest natural gas and chemicals project in the region, the investment decision of which is expected to be finalized in 2024, and when Sinopec formally joins the project in the future, all parties will sign an acquisition agreement. of shares and other relevant legally binding documents.
Sinopec and KazMunayGaz have been long-term partners with a solid foundation of cooperation, and the signing of the agreement is taking the partnership to a new level, taking advantage of Sinopec's leading advantages in engineering, marketing and sales, production and operation, as well as the KazMunayGaz firm and strong capabilities in the local market and wealth of resources, to promote mutually beneficial cooperation and achieve win-win development.
Sinopec is a nationally and internationally listed company with integrated upstream, midstream and downstream operations, strong core oil and petrochemical activities, and a comprehensive marketing network. Its parent company, China Petrochemical Corporation, is the world's third largest chemical and refining company, and ranks among the top five on the Fortune Global 500 list.
Based in Astana, KazMunayGaz represents the interests of the Republic of Kazakhstan in the oil and gas industry. Its main business covers oil and gas exploration and exploitation, oil processing, sale of petroleum products, storage, pipelines, oil field services, etc.
For more information, visit Sinopec.
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