Sinopec online sales reach 40m yuan

Chinese oil giant China Petrochemical Corp, known as Sinopec, said sales of its online platform, ejoy365.com had reached 40 million yuan ($6.42 million) by the end of January.

Sinopec started the online business in January 2012. The website sells gasoline cards and lubricants to car owners, as well as items such as chocolate and liquor.

Industry experts said Sinopec has advantages on its online oil-related business, but in the non-oil business sectors, the company is less competitive than traditional retailers, as its prices and product lines are not attractive enough.