ExxonMobil and PipeChina forge ties on oil&gas, low-carbon solutions

US energy and petrochemical giant ExxonMobil has signed a strategic cooperation framework agreement with China Oil and Gas Pipeline Network Corporation (PipeChina) to collaborate on a number of business opportunities.

Illustration / Archive / Courtesy of ExxonMobil

With this agreement, the companies will enhance existing cooperation in the Chinese downstream oil and gas market and seek to develop low-carbon solutions.

“ExxonMobil’s global scale, integration and functional excellence coupled with PipeChina’s open and forward-looking infrastructure planning will help China meet its fast-growing energy demand and goals for carbon neutrality by 2060”, said Koh Tze San, President of ExxonMobil China gas marketing.

Li Tian, General Manager of the Marketing Department of PipeChina, added that the strategic deal has laid a solid foundation for the follow-up cooperation between the two parties.

“PipeChina will continue to adhere to the principle of ‘openness, transparency and win-win cooperation’, explore internationalisation and new business, promote the coordinated development of the oil and gas industry chain, inject new green and low-carbon momentum, and ensure the security of national energy supply”, Tian stated.

In order to meet its growing energy demands, China signed the longest gas supply agreement in the history of the LNG industry with Qatar.

On 21 November, QatarEnergy and China Petroleum & Chemical Corporation (Sinopec) entered into a 27-year sale and purchase agreement (SPA) for the supply of 4 million tons per annum (mtpa) of liquefied natural gas (LNG) to China.

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