China Petroleum & Chemical Corporation (hereinafter referred to as "Sinopec Corp.") is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations, strong oil & petrochemical core businesses and a complete marketing network. The Company was incorporated on 25th February, 2000 by China Petrochemical Corporation (hereinafter referred to as "Sinopec Group") as the sole initiator, pursuant to the Company Law of the People's Republic of China. The 16.78 billion H shares were listed in Hong Kong, New York and London Stock Exchanges on 18th and 19th October, 2000. The 2.8 billion A shares were listed in Shanghai Stock Exchange on 8th August, 2001. As of end 2017, the Company's total number of shares is near 121.1 billion, of which 95.6 billion are domestic A shares and 25.5 billion are overseas H shares.
Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the production, sale, storage and transportation of refinery products, petrochemical products, coal chemical products, synthetic fibre, and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information. The Company is a large scale integrated energy and chemical company with upstream, mid-stream and downstream operations. The Company is a large-scale oil and gas producer in China; in respect of refining capacity, it ranks first in China; equipped with a well-developed refined oil products sales network, the Company is the largest supplier of refined oil products in China; and in terms of ethylene production capacity, the Company takes the first position in China, and has a well-established marketing network for chemical products.
Sinopec Corp. has established a standardized structure of corporate governance and adopted a management system of centralized decision-making, delegated authorities at different levels and business operations handled by specialized business units. It has more than 100 subsidiaries and branches including wholly-owned, equity-holding and equity-sharing companies, engaging in oil and gas exploration and production, refining, chemicals, marketing, R&D and foreign trade. Business assets and principal markets are located in the east, south and middle part of China, where China's most developed and dynamic economy lies.
As an endeavor to become a multinational energy and chemical company with fairly strong international competitiveness, Sinopec Corp. will seriously implement strategies of resource, market, integration and internationalization with more focus on innovation of science, technology and management expertise, as well as improvement of employees' quality.
Sinopec Group, the largest shareholder of Sinopec Corp., 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.