Hilong Enters into a Strategic Supplier Collaboration Agreement with Sinopec and Continues to Expand the Level and Field of Mutual Collaboration

Date 2016-03-31

(March 31, 2016, Shanghai) On March 22, 2016, Hilong executed a five-year Strategic Supplier Collaboration Agreement with China Petroleum & Chemical Corporation (Sinopec) in Beijing. By doing so, Hilong continued to be a supplier to Sinopec under strategic collaboration following the completion of their first three-year strategic collaboration agreement executed in 2012.

Under the Agreement, Sinopec and Hilong will commence broad exchanges and collaboration in the fields of supply services, technical cooperation, storage and logistics cooperation, extended supply chain services, international market development, “Internet+”, supply chain finance, and credit building. The senior management of both parties will meet at least once a year to jointly discuss and resolve the major matters in the collaboration. With respect to business, both parties will strengthen communication and timely coordinate to resolve the specific issues in the collaboration.

Zhang Jun, Hilong President, said that Hilong’s ability to continue its status as a strategic supplier to Sinopec shows that Hilong’s performance in the oilfield equipment and the service market has again obtained recognition from high-end customers and markets. This will also be a strong driving force for both parties to share market interests, avoid market risks and win competitive advantages under the new normal of China’s economy and in the market environment of global competition.