Chinese steel giant Baosteel Group has announced that its Xinjiang-based subsidiary Bayi Iron and Steel Co. (Bayi Steel) has signed a memorandum of understanding (MOU) for strategic cooperation in 2014 with 11 Xinjiang-based subsidiaries of Chinese oil and gas company PetroChina, which is the listed arm of the state-owned
China National Petroleum Corporation (CNPC).
Accordingly, in 2014 Bayi Steel will focus on developing products applied in the petroleum industry, while it will continue restructuring its product range, improving quality and upgrading its processing and distribution capabilities.