Sinopec, a Chinese oil and gas enterprise, acquired a 50% stake in SECCO from BP, a British multinational oil and gas company, for $1.68bn. Upon completion of the acquisition, SECCO will become a controlled subsidiary of Sinopec, which helps build synergy through integration with Gaoqiao Petrochemical's refinery projects and is expected to maintain good profitability, thus further improve the company's financial performance. In addition, the completion of the acquisition will help facilitate the building of the refining-chemical base in Shanghai among the Sinopec's big four refining-chemical bases.