China Petroleum Fushun Petrochemical Corporation
China Petroleum Fushun Petrochemical Corporation (CPFPC) is one of the oldest and most significant oil and gas producers in China. Established in 1962, it is primarily engaged in the business of oil and gas exploration and production, and downstream refining and petrochemical operations.
The company owns and operates numerous oilfields and refineries in Northeastern China and is engaged in a variety of business activities such as the production of refined oil, petrochemical products, medical equipment, rawmaterials, and processed lubes. CPFPC has a wide geographical reach, operating in the provinces of Jilin, Shanxi, Heilongjiang, Liaoning, and Inner Mongolia.
Its operations are supported through a large network of upstream partners, refineries, processing facilities, drilling rigs, and other related infrastructure. In addition, CPFPC also operates an international sales network, enabling it to take advantage of competitive international markets.
CPFPC is privately owned and controlled by Fosun International Limited, one of the largest diversified private-investment companies in China. Fosun International Limited is focused on investments in a variety of industries and China’s increasing inflation rate has led to a negative operating performance and rising debt.
To increase earnings and maintain financial stability, CPFPC has adopted various cost-saving measures including streamlining operational process and reducing staff size. Furthermore, CPFPC has made notable investments in research and development in order to update and diversify its product chain and continue to explore the potential of new areas such as enhanced oil recovery (EOR) techniques.
Despite its focus on cost reduction and financial stability, CPFPC recognizes the importance of corporate social responsibility and environmental protection, and has implemented several environment-related initiatives. These initiatives include efforts to control wastewater discharge, reduce emissions of dangerous substances, and promote recycling and reuse of resources.
In addition, CPFPC also participates in numerous local, national, and international events and exhibitions. These events, along with its strong public interfaces, ensure that the company remains connected to its stakeholders and involved in the public discourse about oil and gas development.
CPFPC is currently recognized as one of the major integrated oil and gas players in the Chinese market. It is the largest refiner in Northeast China and the fourth largest refiner in China. Furthermore, it is one of the largest domestic petrochemical companies and is increasingly playing an important role in the domestic economic landscape. CPFPC is well-positioned to capitalize on the changing energy landscape of China and is set to continue its successful growth in the years to come.
