Business

Mapp Heads To China With Delegation On May 31 With Sinopec Officials; Major Plans Announced

ST. CROIX -- Governor Kenneth Mapp said on Tuesday that he had been invited on a trade mission with officials of China Petroleum and Chemical Corporation (Sinopec), a leading AA-rated Chinese state oil company traded in Hong Kong, Shanghai and New York, that could have far-reaching, positive implications for the territory's economy -- more pointedly St. Croix -- if the Government of the Virgin Islands and the powerful Chinese conglomerate are able to forge a partnership. The announcement is a big deal because Sinopec is one of the most powerful companies in the world. Its financial reach surpasses that of many governments, and it has connections that intertwines well past the oil industry. The firm has 358,571 employees based on 2015 numbers. Its total assets stand at a value of 1.451 trillion, and the firm has branches all over the world, including Canada and the U.S. The governor said he would take with him on the trip a delegation that includes Dept. of Tourism officials, taxes...