Sinopec signs long-term contract with Venture Global LNG
November 4th, 2021 Sinopec has signed a 20-year contract with U.S. based Venture Global LNG (Venture) to purchase 4 million tons of liquified natural gas (LNG) a year. The deal comes as Sinopec attempts to veer away from fossil fuels and explore ecologically sustainable alternatives. Sinopec president Ma Yongsheng has stated that the deal highlights the company’s adherence to, “global energy transformation and realizing the ‘dual carbon’ goals of reaching peak carbon and achieving carbon neutrality”.
New Activity|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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