(CBN Global) March 24 -- Sinopec Yizheng Chemical Fibre Ltd., a unit of Chinese oil giant Sinopec Ltd. [SHE:600028], has opened a store on the online shopping website Taobao, as part of efforts to find new revenue sources amid low crude oil prices.
Some 22 items are for sale through Tabao's Home Life Experience Hall, including down comforters, men's shirts, short-sleeved shirts, gloves, and even vehicle towropes. Taobao is owned and operated by Alibaba Group Holding Inc. [NYSE:BABA], the country's leading e-commerce firm.
State-owned Sinopec began experimenting with mixed ownership reform in 2014 and has since become an integrated service provider. In the wake of falling oil prices since 2015, it has stepped up efforts to transform business. Sinopec has tried a range of businesses such as selling fresh produce, fast food and lottery tickets at gas stations, as well as setting up Ejoy express auto service outlets across the country.
Last year, Sinopec's Senmei Wuyi flagship specialty store started business on Taobao, selling around 50 locally sourced products including tea, wine, and specialty snacks.
It is also reported that Sinopec is upgrading some of its traditional petrochemical businesses by drawing on the strengths of companies such as Alibaba in the areas of cloud computing and big data.