China Petroleum & Chemical ( (HK:0386) ) has provided an announcement.
China Petroleum & Chemical Company (Sinopec) has announced the formation of a joint venture with its subsidiary FPCL and an independent third party, AAS, to establish Fujian Sinopec Aramco Refining and Petrochemical Co., Ltd. The joint venture, with a registered capital of RMB28.8 billion, aims to enhance Sinopec’s operations in oil refining and petrochemical production. Sinopec and FPCL will hold 75% of the joint venture’s capital, while AAS will contribute the remaining 25%. This strategic move is expected to strengthen Sinopec’s market position and expand its capabilities in the petrochemical industry.
More about China Petroleum & Chemical
China Petroleum & Chemical Company, also known as Sinopec, operates in the energy sector with a focus on oil refining, petrochemical production, and the marketing and sales of petroleum and petrochemical products. The company is involved in various aspects of the oil industry, including crude oil transportation and storage, and provides technical services related to oil refining and petrochemical engineering.
YTD Price Performance: -8.98%
Average Trading Volume: 17,395
Technical Sentiment Signal: Buy
Current Market Cap: $88B
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