Sinopec and Guangzhou Automobile Group in strategic agreement

Chinaโ€™s second largest oil and gas producer, Sinopec Corp., and Guangzhou Automobile Group Co., Ltd. signed a strategic agreement on deeper cooperation. The two companies will combine efforts in oil products supply, construction of oil stations, auto service, new energy utilization and development of environmentally friendly and energy-saving technology. Guangzhou Automobile Group Co. is one of the leading carmakers in China, with an average annual sale of more than 150 billion yuan (US$23.4 billion). (October 24, 2011)