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Stock impact report

TotalEnergies and SINOPEC sign cooperation deal on climate efforts [Reuters]

TotalEnergies SE (TTE) 
Company Research Source: Reuters
The two companies plan to join forces on R&D on biofuels, hydrogen, and carbon capture and storage technologies in particular, TotalEnergies said in a press release. WHY IT'S IMPORTANT The cooperation between two of the world's largest energy companies indicates energy transition projects might be a rare realm of increased international cooperation amid current tensions between China and Western countries. KEY QUOTE Patrick Pouyanne, CEO of TotalEnergies: "This strategic cooperation agreement reflects our common desire to combine our multi-energy expertise to meet growing global demand while building tomorrow's decarbonised energy system." CONTEXT TotalEnergies and SINOPEC have already been working together in Angola and Brazil on exploration projects. They also recently joined forces to develop a production unit for so-called (SAF) in China. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up Reporting by Tas Show less Read more
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