Sinopec strengthens ties with WISCO

China Petroleum and Chemical Corp. (Sinopec) has signed a framework agreement for strategic cooperation with Wuhan Iron and Steel Corp. (WISCO) on natural gas, lubricants, steel products, industrial gas and other products. Both parties have formed close cooperative relations over the supply of steel products by WISCO and lubricants by Sinopec over the past few years. Sinopec operates a refinery in Wuhan with a processing capacity of eight million tons and is building an ethylene project with an annual capacity of 800,000 tons per year. Su Shulin, chairman and chief executive officer (CEO) of Sinopec, said that Sinopec would increase steel purchases from WISCO. (April 29, 2009)