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CNPC and China Forestry Group Corporation sign cooperation framework agreement
2014/11/27

On November 26, CNPC and China Forestry Group Corporation (CFGC) inked a cooperation framework agreement.

CNPC and CFGC agreed to set up a JV company to enable a long term strategic partnership in order to provide CFGC and its subsidiaries with more petrochemicals such as refined oil, and expand CNPC's market share. With independent legal status and petrochemicals management qualification, the JV limited liability company will aim at the petrochemical market of the whole forestry system in China. The company will also expand its business scope to give full play to the advantages of the two companies in resources and markets respectively.

CFGC's businesses cover the cultivation, development and utilization of forestry resources, as well as the trade of forestry products both home and abroad. CNPC and CFGC have been maintaining a good cooperation partnership in provision of refined oil for years.

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