China Petroleum & Chemical Corporation has signed a key terms agreement with KazMunayGaz, the national operator of the oil and gas industry of Kazakhstan, for developing a polyethylene project in the Atyrau Region on May 18 in Xi'an, China.
The agreement, signed during Kazakh President Kassym-Jomart Tokayev's visit to China, marks that Sinopec will participate in and push forward the project as a cooperative partner. The polyethylene project will be the largest natural gas and chemical 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 equity acquisition agreement and other legally binding documents of relevance.
Sinopec and KazMunayGaz have been long-term partners with a solid foundation of cooperation, and the signing of the agreement is bringing the partnership to a new level, leveraging Sinopec's leading advantages in engineering, marketing and sales, production, and operation, as well as KazMunayGaz's 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 listed company on domestic and international stock exchanges with integrated upstream, midstream, and downstream operations, strong oil and petrochemical core businesses, and a complete marketing network. Its parent company, China Petrochemical Corporation, is the largest refining company and the third largest chemical company in the world, with a top 5 ranking on Fortune's Global 500 List.
Headquartered 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, petroleum processing, oil product sales, storage, pipelines, oil field services, and more.