Xinhua News Agency reported that Sinochem, China fourth largest oil and Gas Company has inked a strategic agreement with oil service subsidiaries of China National Petroleum Corporation and Sinopec for the cooperation over oil and gas exploration and development service and technology support on Sinochem Emerald project in Columbia.

Sinochem said in a statement posted in its website that the deal was signed between the company and CNPC Great Wall Drilling Group Corporation, Sinopec International Oil Engineering Company and Sinopec Shengli Oilfield Administration Bureau.

The three veterans on oil and gas exploration and development operation agreed to provide technology support, engineering services and necessary training for Sinochem oil workers.

Sinochem used to serve as the country leading oil trader and chemical fertilizer manufacturer, but the company determined to become a vertically integrated petroleum company in recent years. It has acquired several overseas oil and gas blocks and is also to build a 10 million tonne per year refinery in China Fujian province after failed to purchase an overseas refinery in South Korea in 2006.

(Sourced from iStockAnalyst)