The China Petroleum & Chemical Corporation - otherwise known as Sinopec -ꦫ has signed a long-term sponsorship agreement giving the company exclusive rights to sponsor the Chinese Formula One grand prix in Shanghai.

The event, to be staged at the ultra-modern Shanghai Internati🐷onal Circuit, is due to make its debut on the Formula One calendar this season - the 24-26 September event forming an Asian double-header with neighbouring Jꦡapan.

"F1 in China is a landmark for international motorsport, and Sinopec is pleasꦰed to contribute t🍬o the expansion of F1," said company vice-president Li Chunguang, who signed the agreement in London with F1 tsar Bernie Ecclestone.

Sinopec is the largest oil company in China and, along with its parent company - China Petrochemical Co💟rporation - was ranked 70th in the Fortune 500 list in 2002. Sinopec is also the sixth largest petrochemi𓃲cal company in the world, and the number one in Asia.

"Just as Ch🅘ina is a perfect fit for Formula One, so too is Sinopec the ideal sponsor for the Chinese F1 grand prix," Ecclestone responded.