China Petroleum & Chemical Corporation (hereinafter referred to as “Sinopec Corp.”) is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations, strong oil & petrochemical core businesses and a complete marketing network.
The Company was incorporated on 25th February, 2000 by China Petrochemical Corporation (hereinafter referred to as “Sinopec Group”) as the sole initiator, pursuant to the Company Law of the People’s Republic of China. Sinopec issued 16.78 billion H shares in Hong Kong, New York and London Stock Exchanges on 18th and 19th October, 2000. The Company floated 2.8 billion A shares in Shanghai Stock Exchange on 16th July, 2001. As of end 2010, the Company’s total number of shares were 86.7 billion, of which 75.84% were held by Sinopec Group, 19.35% were shares listed overseas and 4.81% were domestic public shares.
Sinopec Corp. is one of the largest integrated energy and chemical company in China. The scope of its business mainly covers oil and gas exploration and production, extraction, pipeline transmission and marketing; oil refining; production, marketing, storage and transportation of petrochemicals, chemical fibers, chemical fertilizers and other chemical products; import, export and import/export agency business of crude oil, natural gas, refined oil products, petrochemicals, chemicals, and other commodities and technologies; research, development and application of technology and information. The Company is China’s largest producer and supplier of refined oil products (including gasoline, diesel and jet fuel, etc.) and major petrochemical products (including synthetic resin, synthetic fiber monomers and polymers, synthetic fiber, synthetic rubber, chemical fertilizer and petrochemical intermediates). It is also China’s second largest crude oil producer.
Sinopec Corp. has established a standardized structure of corporate governance and adopted a management system of centralized decision-making, delegated authorities at different levels and business operations handled by specialized business units. It has more than 100 subsidiaries and branches including wholly-owned, equity-holding and equity-sharing companies, engaging in oil and gas exploration and production, refining, chemicals, marketing, R&D and foreign trade. Business assets and principal markets are located in the east, south and middle part of China, where China’s most developed and dynamic economy lies.
As an endeavor to become a multinational energy and chemical company with fairly strong international competitiveness, Sinopec Corp. will seriously implement strategies of resource, market, integration and internationalization with more focus on innovation of science, technology and management expertise, as well as improvement of employees’ quality.
Sinopec Group, the largest shareholder of Sinopec Corp., is a super-large petroleum and petrochemical group incorporated by the State in 1998 based on the former China Petrochemical Corporation. Funded by the State, it is a State authorized investment arm and State-owned controlling company.