China Petroleum Chemical Corp., or Sinopec Group, signed a framework agreement with Shandong province in northeastern China to extend existing cooperation in refinery development, oil and gas supply and sales as well as oil and gas storage and transportation, the Dazhong Daily reported Sunday, without providing details.
Sinopec Group Chairman Fu Chengyu, who attended the agreement signing ceremony Sunday, said Sinopec will increase investment in Shandong in the five-year planning period that ends in 2015.
Sinopec couldn't be reached for comment Monday.
Sinopec, the parent of China Petroleum & Chemical Corp. (SNP), runs a 200,000-barrel-a-day refinery in Qingdao, Shandong.