(MENAFN) Sinopec, China's largest oil refiner, announced that its subsidiary Sinopec Sales had signed a framework cooperation agreement with Tencent, Xinhua reported.
The agreement with China's internet giant includes sales business, mobile payment and big data services, as Sinopec has repeatedly expressed interest in cooperation with e-commerce companies for more growth.
Sinopec has earlier announced that it's planning to sell up to 30 percent of Sinopec Sales to private investors by the year-end as the Chinese government was pushing forward restructuring of State-owned assets.
Sinopec Sales posted a net profit of USD4.1 billion in 2013, with operating revenue of nearly USD 243.32 billion, owning more than 30,000 petrol stations and 23,000 convenience stores last year.
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