China National Petroleum Corporation (CNPC) signed a sponsorship deal with the Beijing Organizing Committee for the 2008 Olympic Games (BOCOG) on Monday, becoming an official partner of the 2008 Olympics.
Both sides refused to disclose the financial terms.
"We are glad to see CNPC participating in the Beijing Olympic Games as an official partner," said Wang Wei, BOCOG's executive vice president and secretary general, at the signing ceremony.
"We believe CNPC's participation will not only further consolidate the material foundation for a successful Beijing Olympic Games, but also actively promote the development of China's petroleum industry, boost the use of clean energy and ensure the sustainable, long-term development of the city," he added.
Under the deal, CNPC, China's largest producer and supplier of crude oil and natural gas, will provide funding and services to the Beijing Olympic Games, the Beijing Paralympic Games, BOCOG, the Chinese Olympic Committee and the Chinese sports delegations to the 2006 Winter Games in Turino and the 2008 Games.
To date, BOCOG has signed eight partners for the 2008 Games, including Germany's automobile giant Volkswagen, Sinopec, China Mobile and Bank of China.
Yuan Bin, director of BOCOG's Marketing Department, said that BOCOG won't put a cap on the number of partners.
"The door is always open to elite enterprises who have an interest in the 2008 Games," said Yuan.