Sinopec Shandong Taishan Petroleum (000554) announced it intends to spend 60 million yuan to purchase two gas stations and one building in Jinan, Shandong province, reports Oriental Morning Post, citing a company filing.

The building has an area of 5,008 square meters and will be purchased from ShanDong Zhongrun Property for 30.45 million yuan (not including tax), and will be used as office space.

Sinopec Shandong Taishan Petroleum intends to use 17 million yuan (including tax) to buy a gas station in Xintai, Shandong in order to improve its refined oil retail business. The gas station has 10 filling stations.

The company will also purchase a gas station in Dongping County, Shandong for 11.8 million yuan (including tax).