In Hangzhou, on the afternoon of June 29, 2021, ZPEC signed a Strategic Cooperation Agreement with Wuchan Zhongda Group Outai, the first-level subsidiary of Wuchan Zhongda Group, a Fortune Global 500 Enterprise.  The two parties will adhere to the principles of complementary advantages, mutual benefit, and value sharing. The signing marks the first step of comprehensive cooperation between the two companies.  In the future, the two parties will carry out deep cooperation in supply chain projects, oil and gas field development, capital mergers, acquisitions, reorganizations, etc.

Mr. Yu Feipeng,  Chairman of the Board, and Mr. Chen Yewei, General Manager of Wuchan Zhongda  Group Outai, as well as Mr. Li Chundi, Chairman of the Board of ZPEC, attended the signing ceremony. The charimen of the two parties delivered speeches and signed the agreement. 

Chairman Yu Feipeng introduced the business characteristics, business performance, and development plan of the Wuchan Zhongda Group and Wuchan Zhongda Outai. He complimented ZPEC’s adherence to the national energy development strategy, always remembering the mission of Chinese enterprises, which reflect the feelings of national pride and historical responsibility.  He expressed his optimism about ZPEC’s current industrial layout, development potential, and corporate value, believing that the cooperation foundation and development prospects of the two sides are broad with great prospects for the future. He hopes that both parties start cooperation with supply chain, and, based on that, gradually expand to the fields of equity cooperation, capital mergers and acquisitions.  By making full use of the advantages of both parties to complete the entire chain layout of the oil and gas industry that will integrate the industrial chain, supply chain, and value chain, this cooperation will provide more effective support to both company’s capital operation and profitability.

At the signing ceremony, the leaders of both parties discussed the current business integration points and agreed to set up a team to start work as soon as possible.

Wuchan Zhongda Group is the largest provincial state-owned enterprise in Zhejiang Province and one of the largest commodity supply chain integrated service providers in China. It has been named in the world's top 500 for 10 consecutive years. Wuchan Zhongda Outai Co., Ltd. is a first-level subsidiary of Wuchan Zhongda Group. It is committed to building an internationally competitive rubber, tire, and oil and gas industry chain and a supply chain integrated service provider. Since its establishment, it has given full play to its comprehensive advantages in supply chain management,  business model innovation, brand credit, and financial strength.  It has become a leading enterprise in the domestic rubber supply chain service and an important participant in the oil and gas and asphalt industry chain.