Sinopec sets up new retail subsidiary

A wholly owned subsidiary of Sinopec Group, Sinopec EasyJoy Sales Co, was set up on Monday in Beijing to focus on non-oil retailing businesses and auto services.

According to a company announcement on Tuesday, the group opened 23,000 chain stores under the EasyJoy brand. The company currently owns more than 30,000 gas stations in the country.

The sales revenue of the chain stores rapidly grew from 1.1 billion yuan ($178 million) in 2008 to 13.3 billion yuan in 2013.

All the EasyJoy chain stores will be managed by the new company.

Meanwhile, Sinopec has cooperated with international fast food giant McDonalds to set up about 300 auto service stations offering fast food choices.

On Monday, the company said it welcomes different forms of cooperation with e-commerce companies in its business, representing a further opening-up to private capital by the State-owned oil giant.