Sinopec restructures lubricant sales business

The official website of China Petrochemical Corporation (Sinopec Group) announced that Sinopec Lubricant Company has entered into an agreement with 18 provincial and municipal oil companies for business restructuring. Eleven sales offices and lubricant sales branches have been established in Fujian, Guangdong, Jiangsu and Shandong. Sinopec said its restructuring of the lubricant sales business has already been completed.
Sinopec Lubricant recorded a yearly sales growth of 6% in July; and the figure for medium- and high-end products hit 24%. The Sinopec Group started the restructuring of its lubricant sales business in April, after taking over customer resources and market management from provincial and municipal oil companies and handing them to Sinopec Greatwall Lubricating Oil Company. This means that provincial and municipal oil companies will no longer perform the tasks for lubricant distribution around China, as this will be taken over by the five major sales centers of Sinopec Greatwall, which will operate as an entity independent of the sales network of Sinopec Group. (August 9, 2012)