China Petroleum and Chemical Corporation (Sinopec) and Syntroleum Corporation have today announced their intention to market their products within China.
Sinopec Corp., an integrated energy and chemical company and fourth largest oil refiner in the world, and Tulsa-based Syntroleum Corporation have signed a non-binding memorandum of understanding that establishes a joint technology development effort to advance natural gas-to-liquids and coal-to-liquids technologies.
This will be done through the construction of a 17,000 barrel per day GTL plant and a 100 barrel per day CTL pilot plant in China using Syntroleum’s technologies, and jointly marketing SSTC technology (Sinopec Syntroleum technology) in China.
After signing a formal cooperation agreement, Sinopec agrees to provide Syntroleum with $20 million per year over the next five years to support development of the technology.
The companies have already commenced relevant work on a legally binding cooperation agreement “Research and Development Cooperation Agreement”.