Sinopec: Energy & Chemical Company
Sinopec otherwise known as China Petroleum & Chemical Corporation was founded in 2000 and based in Beijing, The Peoples Republic of China. Sinopec is a subsidiary of China Petrochemical Corporation Group.
Sinopec is an energy and chemical company. Through its subsidiaries, the company engages in the oil and gas, and chemical operations businesses in the Peoples Republic of China and overseas. Sinopec operates through Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Other segments.
The firm explores and develops oil fields, and produces and sells crude oil and natural gas; processes and purifies crude oil into refined petroleum products; and manufactures and sells petroleum products. It also owns and operates oil depots and service stations; and distributes and sells refined petroleum products, such as gasoline and diesel through wholesale and retail networks.
Aside from this, Sinopec manufactures and sells petrochemical products, derivative petrochemical products, and other chemical products, such as basic organic chemicals, synthetic resins, synthetic rubbers, synthetic fiber monomers and polymers, synthetic fibers, and chemical fertilizers. In addition, it is also involved in the pipeline transportation of crude oil and natural gas; and production and sale of electricity, cement, and coal. Further, Sinopec engages in the import and export of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development, and application of technologies and information.
Sinopec is listed in Hong Kong and also trades in Shanghai, London and New York. It was established as a joint stock entity under the China Petrochemical Corporation Group (Sinopec Group) in February 2000. The company was simultaneously listed in Hong, New York, and London in October 2000. A Shanghai listing was completed in June 2001. As of end 2010, the company’s total number of shares were 86.7 billion of which 75.84 percent was held by Sinopec Group, 19.35 percent were listed overseas and 4.81 percent were domestic public shares.
Sinopec Group, the largest shareholder of Sinopec, 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.