Although the United States is still the world's number one consumer of petroleum products, China and India, each with a population of over one billion, are the fastest growing oil demand markets. In recent years, large oil companies such as BP have signed a series of oil refinery joint ventures and cooperation agreements with Chinese and Indian state-owned and private energy companies, striving to enter these two fast-growing markets.
At present, BP is actively exploring ways to expand access to the Chinese market, and hopes to carry out further cooperation with Sinopec. According to the cooperation proposal put forward by BP, it will supply crude oil to Sinopec's large-scale oil refining business and use it to obtain more business in the Chinese oil products market. BP and Sinopec have a series of cooperation projects, including chemical business and a petrol retail joint venture. In the initial public offering of Sinopec in 2001, BP was one of the first investors, but in February 2004, BP sold 2.1% of its shares.
According to informed sources, BP has issued bid invitations to major international banks to provide advice on the cooperation between BP and Chinese companies. The cooperation may be related to the joint bidding of BP and Sinopec to bid for energy assets in the Americas outside the United States.
In addition, BP also signed an agreement with India's state-owned Hindustan Oil Company last week to set up a refinery joint venture. The two companies are preparing to build a planned $3 billion refinery in Punjab, India, with a designed capacity of 180,000 barrels per day, which is expected to be completed in 2009. Both parties will also cooperate in marketing, including setting up a gas station service network in India.
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