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Sinopec, BP Still Hesitate Over Creating JV

China's Sinopec is still in talks with British oil major BP Plc on a joint venture

China's Sinopec Corp., Asia's largest refiner, is still in talks with British oil major BP Plc on a joint venture, the head of Sinopec told Reuters on Friday.

Little has been heard since reports a year ago BP was looking to expand ties with Sinopec though a joint venture. BP and its peers are hungry for a slice of the market in China, the world's second-largest oil consumer.

BP is an investor in Chinese petrol stations and petrochemicals plants and wants to do more business in the country, where oil demand is growing much more quickly than in top oil consumer the United States.

A BP spokesman gave no details of the Sinopec talks but said it was looking for ways to expand ties with its Chinese partners.

"Sinpec has been our longest-standing partner in China," said spokesman David Nicholas. "We continue to look for further opportunities for cooperation with them and our other Chinese partners.