Sinopec Group, the Chinese petroleum and petrochemical enterprise group, and Yum Brands Inc., the parent company of KFC, Pizza Hut and many other well-know food brands, have signed a nationwide framework agreement for the joint development of restaurants in China.
Under the cooperating agreement, Yum will open restaurants under the brands of KFC, Pizza Hut, and East Dawning at the gas stations and highway services areas of Sinopec across China. During the next five years, 50 restaurants will be launched by the two parties.
Prior to this, Yum and Sinopec started pilot cooperation in a few cities. By October 2011, Yum had opened seven restaurants at Sinopec's gas stations in Shanghai and Guangdong.
In regards to the cooperation, Chai Zhiming, deputy general manager of the sales company of Sinopec, said that the cooperation with Yum will help improve the comprehensive facilities of Sinopec and promote the group's establishment of a comprehensive service platform. So far, Sinopec has introduced convenience stores and lottery sales sites at more than 30,000 of its automotive fueling stations in China.
Yum has opened more than 4,000 restaurants in China, including 3,400 KFC fast food restaurants, 550 Pizza Hut restaurants, and 20 East Dawning restaurants. For the year of 2011, the group will open about 600 outlets in China.
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