China Petroleum & Chemical Corporation is referred to as Sinopec and is one of the largest integrated petroleum and petrochemical companies in China. Its business covers exploration, development, production and marketing of petroleum and natural gas, refining and marketing, production and sales of petrochemicals, chemical fibres, chemical fertilisers, and other chemicals, pipeline transportation of petroleum and natural gas, import and export and import/export agency business of petroleum, natural gas, refined oil products, petrochemicals, other chemicals, and other commodities and technologies, R&D and application of technology and information.
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China Petrochemical Corporation, the sole initiator of China Petroleum and Chemical Corporation, is a state-authorised investment vehicle in oil and petrochemical business integrating upstream and downstream assets. China Petrochemical Corporation is 100% owned by the state, a state-authorised investment institution and state holding company. It was set up on 25 February 2000.
Focusing on its core business of petroleum and petrochemicals, China Petroleum and Chemical Corporation (Sinopec Corp) is a publicly listed company with integrated upstream and downstream operations. The company was set up on 28 February 2000. The rationale behind the creation of Sinopec was to “diversify the ownership structure, abide by the rules of the market economy, and establish a modern enterprise system”.
Please see Brazil’s Petrobas signs cooperation agreement with Sinopec and Sinopec to pay $4.65bn for ConocoPhillips oil sands stake on ICIS news.
In June 2009, Sinopec acquired Addax Petroleum for Canadian dollar (C$)8.3bn ($7.2bn). The deal is subject to approval from Addax shareholders and the Chinese government. For more on this story please go see Sinopec acquisition of Addax to strengthen upstream business or go to ICIS news.
In April 2009, Mitsubishi Chemical (MCC) said it plans to establish a strategic business partnership with Sinopec, covering joint research, project tie-ups, supplies of raw materials and finished products, engineering, logistics, technology transfers and human resources.
Sinopec - with plants located in well-developed markets in North China, South China and East China - claims to be the largest producer and marketer of petrochemicals in China. It produces and markets a great variety of petrochemical products, including intermediates, synthetic resin, fibre-grade monomers and polymers, synthetic fibre, synthetic rubber and chemical fertiliser.
Exploration & production (E&P)
Is in charge of the management of oil and gas exploration and production, management of reserves and E&P assets, and production and marketing of oil and gas. There are 13 subsidiaries: Shengli Oilfield, Zhongyuan Oilfield, Henan Oilfield, Jiangsu Oilfield, Jianghan Oilfield, Sinopec Southern E&P Company, Sinopec Northwest Company, Sinopec Southwest Company, Sinopec North China Company, Sinopec East China Company, Sinopec Northeast Company, Sinopec South-Central Company and Sinopec Shanghai Offshore Oil & Gas Company.
Sinopec operates 13 refineries in China. The refineries usually consist of the following processing units: distillation, FCC, hydrocracking, catalytic reforming, aromatics separation, hydrofining, delayed coking, visbreaking, alkylation, air-blown asphalt, gas separation, hydrogen production, desulphurisation and sulphur recovery.
Some refineries also have solvent dewaxing, wax moulding, solvent deoiling, solvent refining, solvent deasphalting, lube oil hydrofinishing and clay contact.
Sinopec produces a great variety of oil products, including gasoline, diesel, kerosene, jet fuel, asphalt and petroleum coke.
Oil products sales
The principal market of Sinopec covers 20 provinces, autonomous regions, municipalities and special economic zones (SEZs) in the northern, eastern, southern and southwestern parts of China, nine of which are among the top ten in China's per capita GDP.
In addition, the company's marketing network extends further to ten provinces and municipalities in the northeast and northwest parts of China. The oil products (mainly gasoline, diesel, lamp kerosene and jet fuel) marketing business of Sinopec consists of five parts.
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Sinopec’s strategy will focus on the following key areas: exploration and production segment; refining segment; chemical segment; marketing and distribution segment; and cost saving and capital expenditure. (Edited from annual report and company website). ICIS also provides you with key financial data listed in table form.
More about Sinopec Strategy & Financial Highlights
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