China Petroleum & Chemical (HKG:0386, SHA:600028) will work with Contemporary Amperex Technology (SHE:300750, HKG:3750) to introduce 10,000 electric vehicle swap stations, Yicai Global reported Friday.

Both companies will set up their first battery swap station for heavy-duty trucks in Fujian, China, the report said.

The two companies will construct at least 500 battery swap stations in 2025, alone, the report said.

Sinopec and CATL will also collaborate in zero-carbon initiatives, microgrids, and vehicle ecosystems and battery materials, Yicai said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)