Petrochemical New Materials Base and Exchange will be established in Beijing

The Beijing Municipal Government signed a strategic cooperation framework agreement with China Petrochemical Corporation and will establish a petrochemical new materials technology industrial base and a petrochemicals exchange in Beijing. It will also further improve Sinopec's refined oil marketing network system in Beijing.
The contents of this cooperation agreement include: Beijing encourages Yanshan Petrochemical to develop in Beijing, and will take effective measures to steadily implement Yanshan Petrochemical's “plant in village” relocation work, and increase support for education development in Yanshan area, and encourage cooperation in various forms. Beijing Institute of Petroleum and Chemical Engineering. At the same time, Yanshan Petrochemical assisted Yanshan Petrochemical to steadily promote the reform of separation of main and auxiliary, transfer of social functions, resettlement of laid-off and unemployed people, management of retirees and other reforms, and provided policy support for Sinopec to solve the housing of employees through multiple channels, and effectively reduce the social burden of Yanshan Petrochemical. In order to improve the external environment of Yanshan Petrochemical and Fangshan areas, Beijing will speed up the construction of the “Yanfang Formation” ring line and accelerate the construction of the rail transportation Fangshan line, effectively solving the external traffic bottleneck problem for Yanshan Petrochemical.
In addition, Sinopec will support the construction of the Beijing Petrochemical Exchange and actively provide a circulation platform for the development of the industrial base.

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