March 26, 2024 [Market Screener]- TotalEnergies has signed a heads of agreement with China Petroleum & Chemical Corp., or Sinopec, to develop a production unit for sustainable aviation fuels in China.

The unit, to be jointly owned by both companies, will have the capacity to produce 230,000 tons of SAF a year and will process local waste or residues from the circular economy, the French oil and gas company said Tuesday.

Sinopec, a Hong Kong-listed company, has developed its own SAF production technology, while TotalEnergies will provide technical, operational, and distribution capabilities, the French company said.

“The development of sustainable aviation fuels is at the heart of our company’s transition strategy, as we strive to meet the aviation industry’s demand to reduce its carbon footprint,” Chairman and Chief Executive Officer of TotalEnergies Patrick Pouyanne said.

TotalEnergies has set a target of 1.5 million tons of annual SAF production by 2030.

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