China Petrochemical, better known as Sinopec, has reached an agreement with UK oil and gas giant BP to deepen their cooperation on the exploration of new energy transformation opportunities at the World Economic Forum’s Annual Meeting in Davos, Switzerland.

Sinopec and BP yesterday signed a memorandum of understanding to further cooperate on new energy transformation, new energy vehicle charging, and related areas to better serve China’s fast-developing NEV market, as well as enhance sustained partnership in refined oil, natural gas, and other fields, the pair announced today.

Sinopec is China’s largest refined oil and petrochemical product supplier and the world’s biggest oil refiner and second-biggest petrochemical firm. BP entered the Chinese market in the early 1970s. The pair has been cooperating for 28 years.

Energy transformation has provided the BP-Sinopec strategic partnership with many new opportunities, especially the expansion of the cooperation on mobility and convenience service areas, said William Lin, executive vice president regions, corporates, and solutions at BP.