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The terms of the agreement, sealed on May 18, foreshadow Sinopec's prospective involvement in this Atyrau region natural gas and chemical project.
The China Petroleum & Chemical Corporation, known as Sinopec, has concluded a key terms agreement with Kazakhstan's national oil and gas industry operator, KazMunayGaz. The signing ceremony took place in Xi'an, China, coinciding with Kazakh President Kassym-Jomart Tokayev's official visit.
This preliminary agreement stipulates that Sinopec will contribute to the development of a polyethylene project in the Atyrau Region as a collaborating partner. The project, slated to be the largest of its kind in the region, is pending an investment decision anticipated for 2024. Should Sinopec formally join the initiative at that point, all involved parties will execute an equity acquisition agreement along with other pertinent legally binding documents. Sinopec operates in integrated upstream, midstream, and downstream operations, strong oil and petrochemical core businesses, and a complete marketing network.
Sinopec and KazMunayGaz have sustained a cooperative partnership for a considerable period, which is set to deepen with the signing of this new agreement. Sinopec's extensive experience and leadership in engineering, production, operation, and marketing will complement KazMunayGaz's robust local market capabilities and abundant resources, fostering mutually advantageous cooperation and reciprocal growth.
Sinopec is a publicly traded company on both domestic and international exchanges, with a business portfolio spanning upstream, midstream, and downstream operations, as well as oil and petrochemical core businesses.
Based in Astana, KazMunayGaz acts as the representative for the Republic of Kazakhstan's interests within the oil and gas industry. The company's primary operations encompass oil and gas exploration and extraction, petroleum processing, oil product sales, storage, pipeline management, oil field services, among others.