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China's Sinopec registers new subsidiary on Hainan

The volume of exports of oil products and natural gas on Hainan in 2019 amounted to 17.5 billion yuan (about $ 2.5 billion)

HAIKOU, June 18. /TASS/.  China's Sinopec oil and gas corporation has registered a subsidiary Hainan Sinopec in Haikou, the administrative center of the southern province of Hainan, Xinhua reported with citing the company.

The registered capital of Hainan Sinopec is 200 million yuan (about $ 28.2 million). At the initial stage, the company will be engaged in the technical development and maintenance of the province's oil and gas industry, as well as providing financial services to relevant enterprises, in particular, Hainan Refining and Chemical also owned by Sinopec.

At the same time, as part of the Chinese government’s project free trade port on Hainan, the company plans to develop energy trading on the island, international electronic business, as well as carry out research in alternative energy sources. Moreover, Sinopec intends to create an internationally competitive industrial base here for the search and development of hydrocarbons and new energy sources, and also an energy trade center.

The strategic cooperation agreement between Sinopec and the local government stipulating mutually beneficial cooperation in the development of the Hainan free trade zone and port was signed in December 2018.

Hainan is one of the regions of China where hydrocarbon production is most actively carried out in the offshore area. At the same time, the island also carries out industrial processing of primary raw materials, cleaning and transportation of energy, as well as their storage.

The volume of exports of oil products and natural gas on Hainan in 2019 amounted to 17.5 billion yuan (about $ 2.5 billion).

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