China Petroleum & Chemical Corporation (Sinopec, stock code 00386.HK) and Fujian Refining & Petrochemical Co. plan to establish a joint venture company.

The China Petroleum and Chemical Corporation (00386.HK) announced on April 28, 2025 that the company, Fujian Refining, and AAS have signed a "Joint Venture Agreement." According to the agreement, the company and its subsidiary Fujian Refining will jointly invest with AAS (an independent third party) to establish a joint venture company. The registered capital of the joint venture company is RMB 28,800,906,667, with the company and Fujian Refining contributing RMB 7,200,226,667 and RMB 14,400,453,334 in cash, representing 25% and 50% of the joint venture company's registered capital, respectively. AAS will contribute RMB 7,200,226,667 in cash, occupying 25% of the joint venture company's registered capital.