Recently, Beiqi Foton Motor Co., Ltd. convened the board of directors to announce further support for the development of the company's sales business, provide stable oil supply channels, and at the same time further enhance the company's profitability. The company plans to establish a joint venture with China National Petroleum Corporation and China National Petroleum Corporation to establish CNPC Futian. (Beijing) Petroleum Sales Co., Ltd. The investment in establishing a new company does not constitute a connected transaction.
In recent years, China’s refined oil pricing system has improved several times, and the refined oil market has also developed rapidly. With the deepening of reform and opening up, the refined oil market will eventually be a real and fair competition. Futian Co., Ltd., through deep cooperation with PetroChina, established a refined oil sales company that can take advantage of a better market environment and seize market opportunities.
It is reported that in addition to the demand for refined oil from Foton and Beijing Oil Transportation Beijing, Futian and China National Petroleum Transportation Beijing have some institutional users and companies associated with refined oil operations during the long-term production and operation process. The new company will gradually enter the market. And to undertake these customer resources to further consolidate and develop stable and efficient customer groups such as institutional users and businesses.
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