Sinopec (SNP.NYSE; 600028.SH), China's leading oil refiner, announced on Tuesday the establishment of a professional petrochemical technology service joint venture (JV) with private investors in Sichuan.
This is Sinopec's first mixed-ownership JV in southwest China, signaling start of its mixed-ownership reform over the company's assets in the region. The JV was founded by Sinopec Southwest Petroleum Bureau and private outsourcing companies, including Sichuan Zongtuo, Sichuan Ruixiang and Sichuan Zeying, on January 14, providing services on oil and gas production and transportation, gas sales and petroleum engineering.
According to Sinopec Southwest Petroleum Bureau, it has made great effort to press ahead mixed-ownership reform over its main upstream oil and gas operations, based on the preliminary trial in non-core business such as catering, property management and transportation.
Latest comments