Chinese Oil Giant Sinopec Inks Deals With 38 Overseas Suppliers at CIIE
Chen Juan
DATE:  Nov 09 2019
/ SOURCE:  yicai
Chinese Oil Giant Sinopec Inks Deals With 38 Overseas Suppliers at CIIE Chinese Oil Giant Sinopec Inks Deals With 38 Overseas Suppliers at CIIE

(Yicai Global) Nov. 8 -- Oil and gas giant China Petrochemical Corporation signed procurement contracts with 38 overseas companies today at a special ceremony at the China International Import Expo in Shanghai.

Subsidiary China International United Petroleum & Chemicals inked an agreement with Kuwait Petroleum Corporation, the country's national oil company, for greater collaboration in crude oil trading. Another unit, Sinopec Chemical Commercial Holding, struck a deal with South Korean oil refiner GS Caltex Corporation.

Easy Joy, the firm's convenience store chain, also penned contracts with Thai information technology firm Loxley Public and German food company Lekkerland Group to introduce high-quality daily commodities and household products to China. No further details were given in the press release.

Also known as Sinopec Group, the Beijing-based firm has become one of the world's most important traders of oil and gas. Last year, it imported 219 million tons of crude oil and 9.3 million tons of liquefied natural gas making China one of the world's largest markets for oil and gas imports.

At the signing ceremony entitled 'Fostering Open Cooperation for a Better World,' company Chairman Dai Houliang noted that Sinopec has always attached importance to pragmatic collaborations with other parties to spur mutual growth.

The petrochemical conglomerate has partnered with nearly 40 countries and it will continue to seek trade collaborations at higher and deeper levels and across a wider range of fields, Dai added. The firm will persist in leveraging complementary advantages, discuss cooperation in the investment sector with peers, search for pragmatic partnerships in both China and the world, and in this way contribute to the stability of the global energy market.

Sinopec will further strengthen its exploration and development work in China to satisfy the country's increasing demand for energy and petrochemical products, Senior Vice President Lei Dianwu said. The company will also put an emphasis on building large and integrated refinery plants to create more demand for highly qualified techniques and facilities from overseas.

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Keywords:   Sinopec,CIIE