To be a world-leading Energy and Chemical Company
Sinopec Group is a state wholly owned company with Headquartered in Beijing, China and a registered capital of RMB 182 billion ($30 billion).
In its leading national role, Sinopec Group controls and manages China Petroleum & Chemical Company (CPCC or Sinopec Corporation).
As a brand, Sinopec refers to both Sinopec Group and Sinopec Corporation.
In 2000 and in 2001, Sinopec Group issued shares of Sinopec Corporation, H-shares and A-shares overseas and home respectively, in order to list Sinopec Corp. in Hong Kong, New York, London and Shanghai Stock Markets.
From this public offering, Sinopec Corp. capital is owned by:
– Sinopec Group 75.84%
– International investors 19.35%
– Domestic investors 4.81%.
Sinopec is the second largest Chinese national oil company after PetroChina (CNPC) and among the Top 5 largest companies in the world according to Fortune ranking 2011.
Upstream, Sinopec is China’s second largest oil and gas producer and is developing its exploration and production activities overseas in order to provide China with the necessary oil and gas feedstock to run the economy.
In conventional oil and gas exploration and production, Sinopec operates 12 major: East China Company, Exploration Southern Company, Henan Oilfield Company, Jianghan Oilfield Company, Jiangsu Oilfield Company, Northeast Oil & Gas Company, North China Company, Northwest Company, Shanghai Offshore Oil & Gas Company, Shengli Oilfield Company, Southwest Oil & Gas Company, Zhongyuan Oilfield Company.
With most of the imported crude oil is delivered in China by sea, most of Sinopec refineries and associated petrochemical complex are located on the southeastern coast.
From its huge refining activities, Sinopec developed the largest petrochemical industry in China and is running the largest network of retailer with more than 30,000 gas stations in the country.
Based on the historical model of the Chinese Institutes, most of these local engineering companies have been integrated in Sinopec to provide engineering and services to Sinopec and other oil and gas companies such as PetroChina, CNOOC, or foreigners.
The other distinctive activity we can find in Sinopec compared with other international or national oil companies is its integrated geophysical prospecting, drilling, well logging, mud logging, downhole operation, oilfield facility construction and machinery manufacturing, with more than 2,400 crews in operations all over the world.
Having a global leading role with interests in all continents, especially in Canada, USA, South America, Africa, Iraq, Gulf countries, Asia, Sinopec employs 135,000 skilled people.
– 2011 Revenues: $397,7 billion
– 2010 Revenues: $303,6 billion
– 2009 Revenues: $213,5 billion
– 2011 Earnings: $16,2 billion
– 2010 Earnings: $16,2 billion
– 2009 Earnings: $13,6 billion
– 2012 Capital Expenditure: 12.4 billion
Sinopec Projects and Business Highlights
Sinopec, as the other China national oil companies, PetroChina and CNOOC, have the simple mandate to:
– Explore oil and gas all over the world
Fully integrated, including with geophysics, drilling and engineering activities, Sinopec strategy is not driven by the spot market of the oil and gas.
Downstream Sinopec major projects are related to the joint ventures with:
– Sabic for the Tianjin Polycarbonate project and for the Methanol-To-Olefins project in Trinidad and Tobago
– BASF for the Nanjing expansion project and Maoming Isononanol project.
– Sibur for synthetic rubber project in Shanghai and in Russia
– Mitsui for ETP project in Shanghai
– Total for the Zhanjiang complex project
As engineering company, Sinopec will extend its contracting business in targeting engineering, procurement and construction (EPC) contracts in Brunei, Saudi Arabia, UAE and Oman