Triangle Group and Sinopec Signed Strategic Cooperation Framework Agreements

On August 3rd, Triangle Group and Sinopec signed strategic cooperation agreements in Weihai as the first step of cooperation between China tire industry magnate and Chinnese largest energy chemical industry group. According to the agreement, Triangle and Sinopec will start the cooperation on ten aspects in three fields of technology, business and oversea markets, also to build a dedicated mechanism for executives to hold a meeting once a year on a nonscheduled basis.

According to the agreements, Triangle and Sinopec will integrate product technology, service network and other resources to promote reasonable utilization of bilateral resources, pluralistic and balanced supply and develop rubber tire and new materials with joint efforts.

For the common purpose, Triangle and Sinopec will start the cooperation on three fields of technology, business and abroad market.

For business cooperation, both sides promised to make priority in purchasing products from each other. Sinopec confirmed Triangle as the first raw-material supplier and Triangle would make orders of synthetic rubber, anti-oxidant, lubrication oil, oil products and other chemical products and designate its suppliers to use Sinopec’s products. Sinopec would make orders of Triangle’s products in the fields of engineering construction and logistics. In the cooperation of markets abroad, Triangle and Sinopec will develop the markets based on correlative products of both sides and develop business cooperation model in international markets.

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