LA DEFENSE (dpa-AFX) - China Petroleum & Chemical Corp. or Sinopec (SNPMF)
announced its heads of agreement or HoA with France's TotalEnergies SE (TTE) to
form a joint venture to produce sustainable aviation fuel or SAF from waste
oils.

The production of SAF from waste oils will be done at one of Sinopec's
refineries in China. The partnership aims to achieve an annual production
capacity of 230,000 tons, with the new production line co-operated by both
entities.

The jet-fuel cooperation agreement was signed in Beijing, China by Sinopec's
Chairman, Ma Yongsheng and Patrick Pouyanne, Chairman and CEO of TotalEnergies.

Pouyanne noted that the project is central to TotalEnergies' transformation
strategy aimed at supporting the aviation sector's carbon footprint reduction
efforts. The company has set an ambitious target to produce 1.5 million tons of
SAF annually by 2030.

In May 2022, China's inaugural industrial-scale bio-jet fuel facility commenced
pilot production at Zhenhai Refining & Chemicals. It achieved Asia's first
Global RSB biomass-based sustainable aviation feul certification later that
year, and also obtained airworthiness certificates for domestically produced
large-scale biojet fuels in September.

Sinopec said it also signed an MOU with Thailand's Ministry of Commerce in
Bangkok aiming further enhancement on product promotion and market expansion
collaborations.



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