According to enterprise data, Beijing Petrochemical Products Development and Supply Co., Ltd. (hereinafter referred to as North Petrochemical) was established in July 1993. It is a state-owned enterprise established by Sinochem Industrial Co., Ltd. under Sinochem Group and Beijing Gaoxin Venture Capital Co., Ltd. under Jingneng Group with 50% investment respectively. The company's business scope is mainly the sales and storage services of refined oil (gasoline, diesel and kerosene).