Chinese e-commerce giant in talks with Sinopec

Sources close to a conversation between Tencent Inc and Sinopec say that the two companies are in talks regarding Sinopec's sales business, 21st Century Business Herald reported on Tuesday.

It reported that Fu Chengyu, Chairman of China Petrochemical Corporation, also known as Sinopec, showed Tencent president Liu Chiping Sinopec's determination to bring in social and private investment.

It was first reported on Aug 8 by China Petrochemical News that Fu was in talks with Liu over a potential cooperation between the e-commerce giant and the State-controlled oil producer.

In February, Sinopec announced that it would sell up to 30 percent of its sales business to social and private investors.

Tencent stepping further into e-finance	Sinopec is allowing in private investors