Totalenergies Expands LNG Footprint With Sinopec Sales Agreement
Date
11/5/2024 5:12:00 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 5. TotalEnergies has
taken a significant step in expanding its LNG business by signing a
sales agreement with Sinopec to deliver 2 million tons of LNG
annually for 15 years, commencing in 2028, Trend reports.
This deal enhances TotalEnergies' long-term position in China,
the world's largest LNG market.
The agreement builds on a strategic cooperation pact established
earlier this year during President Xi Jinping's state visit to
France. It underscores the role of natural gas in China's energy
transition, where it serves to balance the increasing reliance on
renewable energy sources and reduce greenhouse gas emissions by
replacing coal in electricity generation.
“We are delighted to have been chosen by Sinopec to supply LNG
to China,” stated Stéphane Michel, President of Gas, Renewables &
Power at TotalEnergies.“This new agreement demonstrates the
competitiveness of TotalEnergies' LNG business and allows us to
continue growing our long-term sales in Asia.”
Niu Shuanwen, Senior Vice President of Sinopec Corporation,
emphasized the strategic partnership between the two companies.
“This agreement further strengthens our cooperation in natural gas,
which is crucial for achieving energy transition and dual carbon
goals,” he said. Niu added that Sinopec is committed to becoming a
leading clean energy and chemical company, contributing positively
to global energy governance and climate change efforts.
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