China's Sinopec, Jiangxi Copper set up fuel retail JV
BEIJING (Reuters) — Jiangxi Copper Corp said on Wednesday it would set up a joint venture with the Jiangxi region branch of Chinese refining giant Sinopec to market oil products in the southeastern province of the country.
The venture, which allies China’s biggest copper producer with its biggest crude oil refiner—officially known as China Petrochemical Corp—was described as a “win-win” move in a statement posted on Jiangxi Copper’s official WeChat social media account.
The new company, to be called Jiangxi Copper Petrochemical Sales Co, will be 51%-owned by Sinopec, with the remainder belonging to Jiangxi Copper, and have a registered capital of $2.91 MM, according to the statement.
Financial targets for the venture, which had been under discussion for 20 months before being approved by both sides, weren’t disclosed.
Sinopec did not immediately respond to a request for comment.
Reporting by Tom Daly; Editing by Kenneth Maxwell
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