Sinochem Energy Signed Crude Oil and Petrochemicals Purchasing Agreements at China International Import Expo

Source:Sinochem Energy Co., Ltd.     Author:Sinochem Energy Co., Ltd.     Date:2020-11-16     

At 4:30 p.m. on November 5, 2020, Sinochem Energy Co., Ltd. signed Crude Oil and Petrochemicals Purchasing Agreements with Saudi Aramco, Kuwait Petroleum Corporation, BASF and other giants at the 3rd China International Import Expo (CIIE), respectively, thereby further strengthening its engagement with the international market. Mr. Frank Ning, Chairman of Sinochem Holdings Corporation Ltd., attended the signing ceremony. Mr. Zhong Ren, Vice President of Sinochem Holdings Corporation Ltd., Party Committee Member and Vice President of Sinochem Energy Co., Ltd., Mr. Li Bo, Assistant to President of Sinochem Energy Co., Ltd. and General Manager of Sinochem Petrochemical Distribution Co., Ltd., and Mr. Ye Dan, Vice President of Sinochem Oil Co., Ltd., signed the agreements as representatives respectively.

In terms of crude oil purchasing, Sinochem Energy has maintained fruitful cooperation with Saudi Aramco and Kuwait Petroleum Corporation for many years. The successive purchasing agreements, signed by Sinochem Energy and these two partners at the 1st and 2nd CIIE, have been honored with a complete success. On this basis, Sinochem Energy have continuously executed new annual agreements with them at the 3rd CIIE. In addition, as new customers, many international energy companies, such as Vitol Asia Pte Ltd., Trafigura Group, Freepoint Commodities Singapore Pte. Ltd., Mitsui & Co. (China) Ltd. and ConocoPhillips China Inc., have also signed agreements with Sinochem Energy. This move will enhance the mutual cooperation between Sinochem Energy and oil companies of major oil-producing countries and the worldwide energy companies, and underpin the stability of crude oil import resources.

In terms of petrochemicals purchasing, Sinochem Energy have respectively signed annual agreements with three large-sized conglomerates at the 3rd CIIE, namely, BASF International Trade (Shanghai) Co., Ltd., Petronas Chemicals Marketing (China) and Itochu Shanghai Ltd. The product supply range covers methanol, styrene, ethylene glycol and other varieties of products. This move will stimulate Sinochem Energy to forge partnerships with more world-class petrochemical suppliers, and build a more diversified “Circle of Friends” on a global scale.

The conclusion of multiple purchasing agreements at the 3rd CIIE will help Sinochem Energy give shape to its corporate brand in the international market, implement its strategic vision, and work with its partners to give impetuses to the progress in world multi-polarization and economic globalization.


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