en.Wedoany.com Reported - On April 2, Shenghong Holding Group and China Petrochemical Corporation (Sinopec Group) held a working meeting in Beijing and signed the "Procurement and Supply Chain Cooperation Framework Agreement." Wan Tao, a member of the Party Leadership Group, Vice President of Sinopec Group, and President of Sinopec Corporation, and Miao Hangen, Party Secretary and Chairman of Shenghong Holding Group, attended the signing ceremony.
Sinopec Group is an extra-large central enterprise directly under the State-owned Assets Supervision and Administration Commission of the State Council and is also China's largest supplier of refined oil and petrochemical products. As a leading private refining and chemical enterprise, Shenghong Holding Group has established a close cooperative relationship with Sinopec Group over the years, with deep accumulation in multiple fields such as raw material procurement, engineering construction, and digital transformation and intelligent upgrading. The signing entity for this agreement is Sinopec International Co., Ltd., marking the elevation of their cooperation from specific business execution to the top-level design of supply chain management.
According to the agreement, the two parties will deepen cooperation in the field of procurement and supply chain management. Specific content includes optimizing raw material procurement processes, sharing logistics and warehousing resources, and collaboratively responding to market price fluctuation risks. By establishing a regular communication mechanism, both parties plan to achieve resource complementarity in technology research and development, digital transformation, and global supply chain layout.
From an industry perspective, this cooperation will strengthen the influence of the two giants in the petrochemical industry chain. Leveraging Sinopec's vast upstream resources and sales network, and Shenghong Holding's flexible private enterprise mechanisms and new material R&D capabilities, the deep integration of their supply chains can effectively reduce procurement costs and enhance risk resilience. This move also signals a shift in China's petrochemical industry from pure market competition to a "coopetition" model, improving overall competitiveness through supply chain collaboration.
The signing of this framework agreement marks another important milestone following their previous cooperation in raw material supply and project construction. As the cooperation mechanism is implemented, it is expected to drive synergistic development among upstream and downstream enterprises in the industry chain in areas such as logistics, warehousing, and information platforms, providing a new paradigm for enhancing the resilience of the industry's supply chain.
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