On February 8th, China Petroleum & Chemical Corporation (Sinopec Corp.) and China Ocean Shipping (Group) Company (Cosco Group) signed long-term cooperation agreements on the shipment of imported crude oil and oil products supply at the Diaoyutai State Guesthouse in Beijing. This is an implementation of the agreement on strategic partnership frame signed by two companies formerly.

Mr. Xu Zuyuan, Vice Minister of Communications of PRC and Mr. Shao Ning, Vice Chairman of the State-owned Assets Supervision and Administration Commission of the State Council of PRC (SASAC) as well as some senior executives of Sinopec Corp. and COSCO attended the signing ceremony.

Mr. Chen Tonghai, Chairman of Sinopec Corp. and Mr. Wei Jiafu, President and CEO of COSCO Group delivered remarks at the signing ceremony respectively. The remarks expressed that by signing the agreements, both parties have established a stable strategic partnership on the principles of joint development, sharing risks and benefits, and this will help better cope with the future risks in the market.

The signing of the two agreements will further strengthen the partnership between Sinopec Corp. and COSCO and will help improve international competition of Sinopec Corp. and COSCO as well.