China Petroleum & Chemical Corporation (Sinopec) is one of the largest petrochemical companies in China and worldwide. It is the largest natural gas and crude oil producer in China, it is also one of the largest refiner in the world with annual refining capacity over 600 million tons. Its products include gasoline, diesel, jet fuel, kerosene, synthetic rubber, synthetic fibers and polyester, ethylene, polypropylene, polyethylene and other petrochemical products.
Sinopec was established in 1998, as a result of the restructuring of the former parent company, China Petrochemical Corporation (CPC), which was founded in 1988. Sinopec has grown significantly since its inception and is now a leading integrated energy and chemical company with operations in China and abroad.
The main activities of the company are the exploration and production of oil and gas, the refining and marketing of oil and its products, and the manufacturing and marketing of chemicals and petrochemicals. The downstream activities include the refining and marketing of petroleum products, the sale of petrochemicals and the production of lubricants and asphalt.
Sinopec is also engaged in exploration and production activities in countries such as Iraq, Syria, Yemen, Sudan, Angola and Qatar. Additionally, it has joint venture operations in Angola, Azerbaijan and Peru, and is participating in the exploration activities in Russia, Kazakhstan and Tanzania.
Sinopec is involved in several international initiatives and organisations, such as the Energy Charter, the International Energy Agency, the International Atomic Energy Agency and the International Renewable Energy Agency. It also belongs to a number of industry associations, including the International Association of Oil & Gas Producers, the International Petroleum Industry Environmental Conservation Association, the OPEC and IEA.
In March 2020, Sinopec launched its integrated energy services platform to unified and coordinate the entire value chain ranging from upstream and midstream to downstream and refining. This platform is designed to enable the efficient coordination and operation of its assets throughout the energy chain and enable transformation from a traditional energy company to a more dynamic and intelligent energy enterprise. This platform leverages deep learning, internet of things, big data and many other technologies.
Sinopec Group seeks to explore and extend as much downstream value as possible from its upstream and midstream activities, creating a powerful industrial chain. It has implemented a strategy of pursuing “energy transition” through the diversification of energy sources, promoting a multi-energy, multi-position and multi-role coordinated development, and focusing on alternative energy sources such as natural gas, wind and solar power.
Overall, Sinopec is the largest integrated oil and gas, petrochemical and chemical company in China, boasting a superior portfolio of assets and technologies, experienced management, and a well-proven reputation both domestically and internationally. The company is growing its capabilities through targeted investments and international partnerships, and deepening its commitment to sustainable energy initiatives.
