trending Market Intelligence /marketintelligence/en/news-insights/trending/c8oiltjsi0vl1ohv1ayatg2 content esgSubNav
In This List

Sinopec Corp, Sinopec Group announce formation of new joint venture

Blog

Insight Weekly: Labor market recovery hurdles; power market integration; nonbank M&A hunt

Blog

ESG & Technology: Impacts and Implications

Blog

Q&A: Q2'21 Power Forecast: Overheated Power Markets are Here – Who Wins, Who Loses, and Why?

Blog

Essential Energy Insights - October 2021


Sinopec Corp, Sinopec Group announce formation of new joint venture

China Petroleum & Chemical Corp., or Sinopec Corp., and China Petrochemical Corp., or Sinopec Group, on July 9 entered into an agreement to form a new joint venture, Sinopec Capital Co. Ltd., according to a July 10 release.

Sinopec Group will provide 51% of the joint venture's total registered capital of 10 billion Chinese yuan, and Sinopec Corp. will provide the remaining 49% no later than Dec. 31, 2020.

Sinopec Capital will focus on strategic emerging industries, including new energy, new material, energy conservation and environmental protection, and intelligence manufacturing in relation to the industry chain. Sinopec Corp. will have the right of first refusal regarding investment projects that are related to the company's principal business.

As of July 9, US$1 was equivalent to 6.61 Chinese yuan.