Xinjiang Guanghui Industry Co., Ltd. announced that its subsidiary, a Xinjiang-based oil company, signed a strategic cooperation memorandum of understanding (MOU) with Jupiter Element Limited (JEL) and Foren Associates Ltd. (Foren). According to the MOU, the subsidiary will set up a joint venture with JEL, with the each to hold a 91.07% stake and an 8.93% stake in the joint venture. Then, the joint venture will acquire a 56% stake in