Sinopec & Beijing Capital Sci-Tech to Tap Electric Vehicles Charging

The Beijing Branch of China Petroleum & Chemical Corporation (Sinopec; SHSE: 600028; SEHK: 0386; NYSE: SNP) and Beijing Capital Sci-Tech Group Corp. recently formed a joint venture, intending to grow Sinopec’s current large gas stations into stations available for both fuel-based and electric vehicles.

Sinopec, the largest oil refiner across Asia, has joined hands with the municipal government of Beijing in the promotion of charging stations for electric cars.

A spokesperson fo the Beijing Branch stressed that both sides really signed a letter of intent, but did not discuss about the details, such as which side will provide charging equipment.

Sinopec also planned to build charging stations in Chongqing, southwest China, for electric vehicles. An executive for provincial petroleum retail subsidiary of the oil giant also confirmed that Sinopec would make progress in the construction of charging stations.

Earlier, the State Grid Corporation of China and China Southern Power Grid Co., Ltd., two major power grid operators in the country, have constructed pilot charging stations.

State Grid has built or plans to construct charging stations in cities like Shanghai and Tianjin. Its charging station network will cover 27 cities in 2010. Southern Power Grid has constructed two charging stations in Shenzhen, south China.