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Sinopec-Sinochem Oil Product Sales Company Established

Date:2006-03-30 Source:Sinochem Group
On Mar.16th, Sinopec-Sinochem Oil Product Sales Company co-invested by Sinochem and Sinopec inaugurated in Beijing Diaoyutai Guest House.

Sinochem and Sinopec respectively hold 50% stake of the joint venture. The joint venture will well connect the advantages of both Sinochem (Marketing and Distribution) and Sinopec (oil product resources). In 2005, Sinochem and Sinopec signed strategic agreement agreeing to enhance two companie's strategic partnership. The establishment of the joint venture is the strong embodiment.

Sinochem's Vice President Li Hui and Sinopec's Senior President Zhang Jianhua attended the ceremony.

In the meantime, the joint venture's first shareholder's meeting, Board meeting and Supervisory Committee's meeting was held. Mr. Liu Xionghua from Sinopec was elected as the Chairman of the Board of Directors. Mr. Zeng Xiaoyu from Sinochem was elected as the Vice Chairman of the Board. Ten drafts with respect to the nomination of the senior management, budget compiling etc were reviewed and passed during the meetings.