Sinopec and BYD sign industrial and capital cooperation framework
- Agreement signed in Beijing on June 3 to promote multi-level industrial and capital cooperation.
- Cooperation focuses on flash charging network construction, ecological integration and upstream–downstream industrial chain synergy.
- Sinopec Sales Co. also signed a cooperation framework with BYD Auto Industry Co., Ltd.
- Existing collaboration covers refined oil, lubricants, additive supply and comprehensive energy station construction.
Agreement and objectives
On June 3 in Beijing Sinopec and BYD Co., Ltd. signed an industrial and capital cooperation framework agreement to promote multi-level cooperation in three major areas: flash charging network construction, ecological integration, and industrial chain upstream and downstream synergy, with the stated aim of jointly building an efficient and smart energy ecosystem.
Attendees and related deals
Hou Qijun, Secretary of the Party Group and Chairman of Sinopec, met Wang Chuanfu, Chairman and President of BYD, and witnessed the signing; Chen Yanbin, member of the Party Group and Deputy General Manager of Sinopec, attended. Separately, Sinopec Sales Co., Ltd. signed a cooperation framework agreement with BYD Auto Industry Co., Ltd.
Existing cooperation areas
The two sides said they have already established a good foundation for cooperation in refined oil, lubricants, additive supply and comprehensive energy station construction, which the new framework is intended to expand upon.
Next steps
Both parties plan to deepen cooperation through strategic synergy, industrial and capital collaboration and product customization to promote complementary advantages, mutual benefit and to contribute to national strategies for energy security and industrial security.
Source: Sinopec
