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Flowserve and China's Sinopec Corp. Sign Strategic Cooperation Agreement

Posted on March 6, 2008

Flowserve Corporation, a leading global provider of fluid motion and control products and services, has signed a strategic cooperation agreement with China Petroleum & Chemical Corporation (Sinopec Corp.). New projects stemming from the agreement should lead to low-cost sourcing initiatives and aftermarket programs to improve parts and service support, the company said. The companies plan to share expertise in the areas of quality management, equipment maintenance and service techniques.

"This is a very important strategic agreement for Flowserve considering Sinopec is one of the largest crude oil and natural gas producers in China, the leading petrochemical producer and distributor in China, and is among the world's largest refiners," said Tom Ferguson, president of the Flowserve Pump Division. "We look forward to serving future projects with Sinopec with the highest quality rotating equipment and customer service."

The agreement outlines plans for communication and information sharing on operations management, market research and logistics management. Additionally, the agreement establishes a project committee representing both companies. Flowserve will hold discussions with Sinopec's project teams and design institute regarding equipment selections and specifications that will benefit both companies, while reducing engineering costs.

Sinopec and Flowserve plan to utilize an electronic communications network to facilitate procurement, job quoting, contract signing, product consigning, logistics tracking and project schedule tracking. Also, because of the resulting business relationship, Sinopec will be able to enter orders directly to Flowserve which will help eliminate unnecessary costs.

For more information: www.flowserve.com

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