Aspen Technology Inc has announced that China Petroleum and Chemical Corp (SINOPEC) has signed a new license agreement to standardize on AspenTech's system for fuels marketing to optimize secondary distribution of its petroleum products.
The company will also begin the implementation of AspenTech's solutions for petroleum primary distribution, polymer supply chain management, and pipeline scheduling. These initiatives represent the next stage of the long-term cooperation agreement between SINOPEC and AspenTech that was signed in September 2002.
SINOPEC operates more than 29,000 retail service stations in China. Aspen Retail will enable SINOPEC's petroleum company to calculate the most economical way to transport petroleum products to each gas station based on accurate demand forecasts. The system will be implemented in a series of regional deployments, beginning with the first phase of projects in Shandong province, Beijing, Shanghai, Shenzhen, Zhejiang province, and Guangdong province.
In a separate agreement, SINOPEC also decided to implement AspenTech's petroleum primary distribution system, and to pilot AspenTech's systems for polymer supply chain management and pipeline scheduling.