Rumor: Alibaba to Invest in Sinopec Marketing
Securities Daily, 3/17/14
According to industry insiders, Chinese e-commerce conglomerate Alibaba Group will invest in China Petroleum & Chemical Corporation's (Sinopec) consumer-facing petrol sales subsidiary, Sinopec Marketing. The rumor follows Sinopec's announcement on February 19 that the company will seek private investment in its petrol sales business. Alibaba is currently recruiting and training Sinopec "petrol card" sales associates.
Alibaba announced on its official microblog account yesterday that the company has reached a business partnership with Sinopec, but made no mention of an investment.
Keywords: e-commerce Internet investment Sinopec Alibaba Group Sinopec Marketing
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