China Petroleum and Chemical Corp, also known as Sinopec, has reached an agreement with UK oil and gas giant BP to deepen their cooperation in the exploration of new energy transformation opportunities during the World Economic Forum in Davos, the company shared on Thursday.

The two parties signed a memorandum of understanding to further cooperate on new energy transformation, new energy vehicle charging and related areas to better serve China's fast-developing NEV market, it said.

Efforts will also be made to enhance their sustained partnership in refined oil, natural gas and other fields, said Sinopec, China's largest refined oil and petrochemical product supplier as well as the world's biggest oil refiner.

Both Sinopec and BP have been looking to expand their share of the rapidly growing EV charging market in China.

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