Sinopec teams up with Chinese automakers

China Petrochemical Corp. (Sinopec Group) has recently started cooperating with several large automotive manufacturers, such as China National Heavy Duty Truck Group Corp. Ltd., Dongfeng Nissan Passenger Vehicle Co., and Beiqi Foton Motor Co. Ltd. Earlier, Sinopec’s lubricant company established an auto industry technology and cooperation center, the first in the country. On October 12, Sinopec entered into a strategic cooperation agreement with the Shifeng Group, which is based in Shandong Province. Shifeng is engaged in the production of three-wheeled vehicles, trucks, tractors, engines and tires. Both sides will cooperate in the areas of synthetic rubber and lubricants. Under the agreement, Shifeng will purchase chemical products worth 2 billion yuan (US$292.91 million) from Sinopec next year. (October 19, 2009)