Technology and technical assistance for refineries and chemical plants

On February 2, 2004, China Petroleum & Chemical Corp (Sinopec) signed a deal with the country’s Ministry of Mines, Energy, Oil and Hydraulic Resources stating that the company will provide technology and technical assistance to Gabon and make engineering and construction contributions to refineries and chemical plants in the country.

In exchange for their technological assistance, the agreement allows Sinopec to investigate the exploration and development of three onshore oilfields in Gabon. The agreement does not commit Sinopec to oil production. Loan applications and disbursements are still being received and processed as the projects continue to evolve.

Ongoing monitoring and evaluation are in place to ensure project continuity.