2018-03-29

The signing ceremony of Ethane Supply And Transportation Cooperation Agreement was successfully completed

On March 15th, the signing ceremony of the cooperation agreement between our company and Energy Transfer and Navigator Gas was held in Beijing. Yang Weidong, the chairman of the company, signed the "Ethane Supply Agreement" and the "Ethyl Transport MOU" with the American Energy Transportation Company President McGregor and the British Voyager Gas Transportation Company Chairman David Bart. The all-round cooperation of the three parties officially opened.

The signing ceremony was also attended by leaders from the Lianyungang Municipal Government and the US Embassy in China. Prior to the signing ceremony, Mr. Xiang Xuelong, Secretary of the Lianyungang Municipal Party Committee, and Mr. McGillaria, the chief business office of the US Energy Transmission Company, held talks. At the signing ceremony, Mr. Wang Jiapei, member of the Standing Committee of Lianyungang Municipal Committee and executive deputy mayor, delivered a speech first. Afterwards, the leaders of the three parties made detailed and sincere speeches. Everyone did not feel the hardship of the initial negotiations and the friendship of gradually trusting. Future cooperation and development are full of confidence and expectation.

After more than a year of preparation and negotiation, our company will import about 3 million tons of ethane per year, with a total trade volume of nearly 100 billion yuan. The British navigator gas transportation company will provide transportation guarantee for the ethane construction projects of both sides. The ethane supply agreement and transport memorandum of understanding signed this time, together with the warehousing and logistics facilities jointly constructed by the company and the US energy transportation company, the three contracts become one, forming a complete chain. The signing of this agreement is the first official contract for the import of US ethane in the history of Sinopec. It is also the first single export of ethane to China since the shale gas revolution in the United States. It is a milestone significance. Light hydrocarbon raw materials enter China. The curtain of the market officially opened.