Sinopec gets 26 retail outlets from Sanyuan Group
Agriculture and animal husbandry company Beijing Sanyuan Group Co. Ltd. has entrusted 26 gas stations in Beijing to China Petrochemical Corp. (Sinopec Group) for 15 years. Both sides confirmed that they have signed an agreement worth RMB200 million (US$29.3 million). The gas stations are scattered in the Chaoyang, Daxing, Tongzhou, Changping, and Fengtai Districts of the city. Sinopec Group will be responsible for the operation and management of these gas stations. It will shape them in accordance with its own gas stations, and only keep their former logos in appropriate places. The deal entitles Sanyuan Group to an undisclosed amount of cash. (March 4, 2009)