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Sinopec, the country's largest oil refiner, said on its website on Friday that its Hubei branch company in central China had signed an agreement to purchase 64 gas stations from the private-owned Hubei Tianfa Group.

The total assets of these stations stood at 140 million yuan ($19.51 million) after evaluation.

Hubei branch company of Sinopec has total assets of nearly five billion yuan and more than 1,800 filling stations.

Founded in 1988, Tianfa Group is a conglomerate engaged in petroleum businesses, petrochemical development, papermaking and agricultural by-products.

It is the largest shareholder of the Shenzhen-listed Tianfa Petroleum, the country's largest listed private oil firm.