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Does Sinopec have projects in Panama, Malaysia, and Iran?
Panama:
Sinopec Group International Petroleum Exploration and Development Co., Ltd., which was established in January 2001, has set up a Latin American regional company in Panama to assist the company's headquarters in the Americas and South America. Provide front-line command and management of multiple projects in the Asia-Pacific region.
Malaysia:
On April 29, 2014, Sinopec announced that it had reached an agreement with Petronas on the integrated cooperation of the Pacific Northwest LNG (liquefied natural gas) project, and Sinopec would participate in the project. The latter company has a 15% interest in the Pacific Northwest LNG project. At the same time, the two companies also signed a 20-year framework agreement for an annual non-equity LNG volume of 3 million tons.
On September 1, 2014, Sinopec Refining Engineering won the bid for the US$1.3 billion Malaysian oil refining project, and officially signed a contract with PRPC Refining Company, a subsidiary of Petronas (hereinafter referred to as PETRONAS), for the RAPID project. An engineering, procurement, construction and commissioning (EPCC) general contract was signed. The RAPID project is a large-scale integrated refining and chemical industry project built by PETRONAS, which is based on meeting the growing demand for refined oil and chemical raw materials in Southeast Asia. The project is located in the Pengerang area of ??Johor, Malaysia. The scope of work undertaken by Sinopec Refining and Chemical Engineering includes a 15 million tons/year atmospheric distillation unit, an 8.8 million tons/year residual oil hydrogenation unit, a hydrogen collection and distribution device and a fuel oil system. The contract period is planned to be 52 months.
Iran:
Formal cooperation between Sinopec and Iran began in 2001. On January 8 of that year, Sinopec and the National Iranian Oil Company signed the "Iran Kashan Block Risk Exploration Service Contract." The total contract investment is US$160 million, with a minimum investment amount of US$36 million. This project is Sinopec’s first overseas oil and gas risk exploration project. It is of great significance for Sinopec to go abroad, compete with strong foreign players, further develop oil and gas resources in Iran and even the Middle East, and implement the “going out” strategy.
On December 24, 2007, Sinopec Group announced that it had formally signed a development contract for the Yadavaran oil field (Yadavaran) with the National Iranian Oil Company in the form of repurchase services. The Yadavaram oil field covers an area of ??675 square kilometers and has proven crude oil reserves of 18 billion barrels. It is one of the largest undeveloped oil fields in the world so far.
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