Sinopec Shanghai Petrochemical Co (HK:0338) has released an update.
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Sinopec Shanghai Petrochemical Company Limited has announced a New Framework Agreement involving its Baishawan Branch and Sinopec Reserve for crude oil storage services, set to be signed by the end of 2024. This agreement, valid for 2025, includes storage fees capped at RMB114 million and is classified as a continuing connected transaction. The transaction adheres to the reporting requirements, yet bypasses the need for independent shareholder approval under Hong Kong Listing Rules.
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