Business, Telecom & Wireless

Sinopec Teams With Tencent For Tech Business Cooperation

Sinopec has signed a framework cooperation agreement with Tencent aimed at cooperation in non-oil businesses.

According to the agreement, Sinopec and Tencent will work together in various sectors, including business development and promotion, mobile payment, media campaigns, O2O businesses, map navigation, user loyalty management, big data application, and cross-marketing. Financial terms of the deal were not announced.

Fu Chengyu, chairman of Sinopec Sales Company, previously said at the company's semi-annual performance meeting that the company will actively explore the potential of non-oil businesses and will focus on emerging businesses such as convenience stores, automobile service centers, O2O areas, financial services, environmental products, and advertising. The company would establish a new business model and gradually transfer from an oil supplier to a comprehensive service provider.

Sinopec has opened 23,000 convenience stores, serving 2,000 customers every day. In 2013, the company's turnover of non-oil products reached CNY13.3 billion and it is expected to be over CNY15 billion in 2014.

Sinopec's retail and e-commerce affiliate already implemented similar deals with Rt-mart, SF Express, and Yhd.com.


Image Credit: Shutterstock

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