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Sinopec Renews Mutual Supply Deal With Controlling Shareholder; Shares Up 4%

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China Petroleum & Chemical (HKG:0386, SHA:600028), or Sinopec, renewed its mutual supply agreement with its controlling shareholder, China Petrochemical Corporation, for another year, according to a Hong Kong bourse filing on Monday.

The petroleum company's Hong Kong shares jumped 4%, while Shanghai shares rose 2% during Tuesday's morning trade.

The deal, which was first signed in 2000, will be extended to Dec. 31, 2027.

Both parties will continue supplying each other with services and products, such as crude oil, natural gas and utilities.

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