CNPC, China’s largest oil and gas producer, and SAIC Motor Corp. Ltd. have signed a strategic cooperation agreement in Beijing on Oct. 9. Under the agreement, CNPC and SAIC will upgrade their cooperation involving the sales of new cars, oil products and other vehicle products, as well as promote network construction and the use of co-branded credit cards nationwide.

The agreement also covers components including engines, gearboxes, powertrains, chassis, interior and exterior and miscellaneous electronic components, and logistics, vehicle telematics, second-hand vehicle transactions and auto finance services. big data, internet cars, new energy automobile, third-party payment and internet finance.

CNPC Chairman Wang Yilin, CNPC Vice President Yu Baocai, SAIC Chairman Chen Hong, and SAIC President Chen Zhixin, who attended the signing ceremony, had discussions on furthering their cooperation. CNPC’s Yu and SAIC President Chen signed the agreement on behalf of the two companies.

SAIC Motor is the largest automobile company listed on China’s A-share market. The company’s business covers the research, production and vehicle sales of both passenger cars and commercial vehicles, and logistics, vehicle telematics, second-hand vehicle transactions and auto finance services.