S'abonner

Sinopec and Kazakhstan reach agreement on polyethylene project

Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.

Share:

China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) signed a key agreement with KazMunayGaz, Kazakhstan’s national oil and gas operator, for the development of 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 Sinopec’s commitment to participating and advancing the project as a cooperative partner.

The polyethylene project will be the largest natural gas and chemicals project in the region, and the investment decision is expected to be finalized in 2024. When Sinopec officially joins the project in the future, all parties will sign a share acquisition agreement and other relevant legally binding documents.

Solid cooperation

Sinopec and KazMunayGaz are long-standing partners with a solid base of cooperation, and the signing of this agreement takes their partnership to a new level. It will leverage Sinopec’s considerable advantages in engineering, marketing, sales, production and operations, as well as KazMunayGaz’s strong local market capabilities and wealth of resources, to promote mutually beneficial cooperation and achieve win-win development.

Sinopec is a listed company active in domestic and international markets, with integrated upstream, midstream and downstream operations. It has strong core businesses in oil and petrochemicals, as well as a comprehensive marketing network. Its parent company, China Petrochemical Corporation, is the world’s largest refiner and third-largest chemical company, ranked in the top five of Fortune’s Global 500.

Based in Astana, KazMunayGaz represents the interests of the Republic of Kazakhstan in the oil and gas industry. Its main activities cover oil and gas exploration and production, petroleum processing, sales of petroleum products, storage, pipelines and petroleum services.

  • Populaires ​
Carbon2Nature and Uría Menéndez launch reforestation of 90 hectares in Salamanca
MN8 Energy raises $575mn with Natixis CIB to strengthen its US solar debt
TNB, Petronas and Terengganu Inc launch green hydrogen hub and hybrid solar in Malaysia
Occidental Petroleum reduces production in the Gulf of Mexico in the second quarter
Azule Energy announces major offshore gas discovery in the Angolan Congo Basin
The oil and gas fishing market targets USD4.36bn by 2031, driven by offshore drilling
The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
Schlumberger divests assets to secure approval from Canada’s Competition Bureau
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas buys back over 1.6 million shares for C$3.46mn in Canada
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC Cuts Forecasts but Anticipates Rising Oil Demand
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
European Union struggles to agree on new Russian oil price cap
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Drone attacks disrupt five oil fields in Iraqi Kurdistan within one week
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
ShaMaran suspends production after explosion at HKN-operated site
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
Tamarack Valley refinances USD 237 mn in bond debt and extends its maturities
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP raises second-quarter production forecast driven by US shale growth
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Serbia seeks new US sanctions waiver for NIS amid geopolitical tensions with Russia
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union finalises agreement to lower Russian oil price cap
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited launches $15bn refinery project in Nigeria
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
South African state exposes public finances to uncertain Sapref refinery buyout
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal increases production by 15% in Q2 2025 and strengthens liquidity
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
Bomb attack halts operations on Colombia’s Caño Limón-Coveñas oil pipeline
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
Trump’s New Measures Open Oil Access, Real Impact Remains Uncertain
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum raises US$2mn through convertible debentures to support operations
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
PDVSA oil sales abroad reach $17.5bn in 2024 despite sanctions
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
Chevron triggers supply crisis after zinc contamination found in Mars crude oil
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Tatneft Accelerates TANECO’s Transformation with a New Hydrocracking Unit
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING