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China Initiates Project of Refueling with Banking Card
China Petro-Chemical Co. Ltd. (CPCC) signed an agreement June 9 with the Bank of China and the China Construction Bank (CCB) to build a banking card system, especially for CPCC's filling stations.
A spokesman for the project said that the refueling card system will draw on the two banks powerful settlement system and strong financing capability to develop electronic retailing of oil products and on-line settlement businesses. Card holders can refuel and pay in different places and enjoy better, faster and safer services.
The CPCC boasts China's largest oil products sales network and market shares, with 15,000 gas stations in 19 provinces and municipalities, selling more than 48 million tons of oil products in 1999, valued at 120 billion yuan.
The CPCC is expected to sell more than 52 million tons of oil products by the end of the year, accounting for half of the domestic market.
Sources from the Bank of China and the CCB said that both banks will fully exploit their advantages in computer networks, services, technologies and banking card businesses to provide financial services and support for the project.
By the end of April, the Bank of China and the CCB issued various banking cards worth more than 20 million and 57.9 million, respectively.
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