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As part of its strategy to grow its LNG business, TotalEnergies has announced the signing of a sales agreement (HoA) with Sinopec for the delivery of 2 million tpy of LNG for 15 years, starting in 2028.
Thanks to this major agreement with one of the leading LNG players in the country, TotalEnergies strengthens its long-term position in the LNG market in China, the largest market in the world. This agreement comes within the strategic cooperation agreement signed earlier this year between TotalEnergies and Sinopec during President Xi Jinping’s state visit to France. In China, natural gas is a key component of the energy transition as it mitigates the intermittency of rapidly growing renewable energies and helps reduce greenhouse gas emissions when it replaces coal in electricity production.
“We are delighted to have been chosen by Sinopec to supply 2 million t of LNG to China, the largest LNG importing country in the world. This new agreement demonstrates the competitiveness of TotalEnergies’ LNG business and allows us to continue growing our long-term sales in Asia,” said Stéphane Michel, President Gas, Renewables & Power at TotalEnergies.
Niu Shuanwen, Senior Vice President of Sinopec Corp., added: “Sinopec and TotalEnergies are strategic partners. This HoA further strengthens the co-operation between the two companies in natural gas. Natural gas is an important enabler for realising energy transition and dual carbon goals. Sinopec is committed to building the world’s leading clean energy and chemical company and will continue to promote energy transition and the clean, diversified and secure supply of energy. Sinopec strives to make positive contributions to global energy governance and climate change.”
The post TotalEnergies to supply 2 million tpy of LNG to Sinopec for 15 years appeared first on Energy News Beat.
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