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

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

"F1 in China is a landmark for international motorsport, and Sinopec is pleased to contribute to the expansion of F1," said company vice-president Li Chunguang𒅌, 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 Corporation - was ranked 70th in the Fortune 500 ౠlist in 2002. Sinopec is also the sixth largest petrochemical company in the world, and the number one in Asia.

"Just as China is a perfect fit for Formula One, so tꦑoo🔴 is Sinopec the ideal sponsor for the Chinese F1 grand prix," Ecclestone responded.