China Petroleum & Chemical Corporation (Sinopec) announced the signing of contracts totalling $40.9bn with 34 international partners from 17 countries and regions during the eighth edition of the China International Import Expo (CIIE), held in Shanghai. These agreements cover 24 products across 10 major categories, including crude oil, chemicals, industrial equipment, and consumer goods.
Commitments spread across multiple segments of the energy chain
The variety of products involved in the deals reflects Sinopec’s intention to secure a broader supply base. The company is strengthening its position in the international trade of strategic raw materials while consolidating its role within the petrochemical value chain.
Sinopec stated that the deals are part of a long-term strategy. Since the first CIIE in 2018, the group has signed over $325bn in cumulative orders. This approach is driven by expanding international commercial ties and a technology investment policy aimed at modernising its operations.
Technology, artificial intelligence, and industrial resilience
During the forum held alongside the signing ceremony, Zhao Dong, Vice Chairman of the Board and President of Sinopec, emphasised the role of technological innovation in the group’s strategy. He noted that Sinopec seeks to “activate new engines of value creation” by combining industrial capabilities with digital solutions.
According to his remarks, the group plans to accelerate the integration of next-generation information technologies within the energy and chemical industries to enhance competitiveness. He also mentioned the need to adapt production models to evolving market demands amid global structural transformation.
Global industry players in attendance
In addition to Sinopec executives, several leaders from major international firms participated in the event. Datuk Sazali Hamzah, Executive Vice President of Petronas Chemicals Group, Axel Lorenz, CEO of Process Automation at Siemens, Aravind Yarlagadda, Senior Vice President at Baker Hughes, and Audun M. Martinsen, Partner at Rystad Energy, delivered speeches highlighting supply chain evolution and the role of digitalisation in energy industries.
