Jiangxi Copper Corp said on Wednesday it would set up a joint venture with the Jiangxi region branch of Chinese refining giant Sinopec to market oil products in the southeastern province of the country.
The venture, which allies China's biggest copper producer with its biggest crude oil refiner - officially known as China Petrochemical Corp - was described as a "win-win" move in a statement posted on Jiangxi Copper's official WeChat social media account.
The new company, to be called Jiangxi Copper Petrochemical Sales Co, will be 51 percent-owned by Sinopec, with the remainder belonging to Jiangxi Copper, and have a registered capital of 19 million yuan ($2.91 million), according to the statement.
Sinopec did not immediately respond to a request for comment.
($1 = 6.5236 Chinese yuan)
