During the third “Belt and Road” International Cooperation Summit Forum, Sinopec and Kazakhstan National Oil and Gas Company signed a shareholding agreement on Kazakhstan Polyethylene Project Company.

According to the agreement, Sinopec will obtain a 30% stake from Kazakhstan's National Oil and Gas Company and other partners to participate in Kazakhstan's largest polyethylene project.It is expected that the equity settlement will be completed in the first quarter of 2024.The project is currently in the extended basic design (EBD) stage, and it is expected that the shareholders will complete the final investment decision of the project in 2024.

It is understood that Sinopec and Kazakhstan National Oil and Gas Company have a foundation of cooperation for many years, and the signing of this agreement marks a new level of cooperation between the two sides.Sinopec's advantages in the polyethylene industry chain, combined with the strong local capabilities and resource advantages of Kazakhstan's National Oil and Gas Company, can promote complementary cooperation between the two sides and seek win-win development.The product design capacity of the polyethylene project is 1.25 million tons/year.The plant is located in the Karabadan region of Atyrau Region of Kazakhstan, close to the Tianjiz oilfield.The project will also produce a variety of polyethylene products in the future to meet the growing market demand in the surrounding area and around the world.

In addition, during the summit, Sinopec and Kazakhstan National Petroleum and Natural Gas Company also signed the "PTA/PET Project Joint Preliminary Research and Development Agreement". The two sides intend to study the possibility of investing in the construction of PTA (phthalic acid) and PET (polyethylene terephthalate) plants in Kazakhstan, and after completing the relevant preliminary feasibility studies, decide on the further implementation of the project.