February 13, 2018 / 11:48 AM / 10 months ago

China's Sinopec signs marketing deal with Hengli Petrochemical

BEIJING, Feb 13 (Reuters) -

* China Petrochemical Corp, known as Sinopec, says it has signed a strategic cooperation and marketing agreement with Hengli Petrochemical

* The two sides will cooperate in chemical product sales, supply of chemical raw materials, and related storage and transportation, Sinopec said on its website on Tuesday

* The agreement will help both sides extend their market influence, said Sinopec, China’s biggest oil refiner and petrochemicals supplier

* Hengli, a private chemical manufacturer based in China’s northeastern city of Dalian, is expected to launch a 400,000-barrels-per-day oil refinery in the fourth quarter

* Sinopec has been stepping up cooperation with independent refiners, known as “teapots”, which present a growing challenge to its business

* Hengli signed an oil procurement and marketing deal with Sinochem Corp, another state-run oil and chemicals conglomerate, in January (Reporting by Tom Daly; Editing by Dale Hudson)

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