Sinopec, the country's largest oil refiner, said on its website
on Friday that its Hubei branch company in central China had signed
an agreement to purchase 64 gas stations from the private-owned
Hubei Tianfa Group.
The total assets of these stations stood at 140 million yuan
(US$19.51 million) after evaluation.
Hubei branch company of Sinopec has total assets of nearly 5
billion yuan and more than 1,800 filling stations.
Founded in 1988, Tianfa Group is a conglomerate engaged in
petroleum businesses, petrochemical development, papermaking and
agricultural by-products.
It is the largest shareholder of the Shenzhen-listed Tianfa
Petroleum, the country's largest listed private oil firm.
(Xinhua News Agency February 16, 2008)
