|Sep 20, 2017|
|Sep 20, 2017|
Currency in HKD
|Full time employees:||451,611|
China Petroleum & Chemical Corp. engages in the exploration, production, and transportation of petroleum products. It operates through the following business segments: Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others. The Exploration and Production segment explores and develops oil fields and produces crude oil and natural gas. The Refining segment processes and purifies crude oil, and manufactures and sells petroleum products. The Marketing and Distribution segment owns and operates oil depots and service stations, and distributes refined products at wholesale or retail. The Chemicals segment manufactures and sells petrochemical, derivative petrochemical, and inorganic chemical products. The Corporate and Others segment includes trading activities, and research and development of the company. The company was founded on February 25, 2000 and is headquartered in Beijing, China.
China Petroleum & Chemical (Sinopec) is a core subsidiary of China Petrochemical, or Sinopec Group. The parent falls under the purview of China's State Council.
Sinopec is one of the world's largest oil companies. It dominates the domestic oil and gas business alongside state-owned PetroChina. It develops resources in addition to making petroleum and petrochemical products.
Sinopec Group was founded as a general oil company in 1998, on the basis of the former China Petrochemical Corporation. The parent incorporated Sinopec in 2000; the unit listed on the Hong Kong, London and New York bourses the same year. Sinopec Group controls 70% of the subsidiary's outstanding shares.
The company is China's biggest retailer of gasoline, with 30,000 stations across the country. Sinopec enjoys a robust operating base that is protected by government regulations. Sinopec alone accounts for 60-70% of China's crude oil imports.
To meet China's huge demand for energy, Sinopec actively pursued resource concessions abroad. Under President Xi Jinping, however, it has eased up on such spending. The government is looking to guide the economy onto a slower but more stable growth trajectory.
The company is now focusing on shale gas development in China.
At the same time, it is accelerating management reforms. Privatizing gas stations is one initiative. Yet Sinopec's profitability is far lower than major rivals in the U.S. and Europe, suggesting inefficiencies remain.
In a country grappling with severe air pollution, critics say Sinopec could and should do more to protect the environment.
In the news
Yuan-denominated futures would allow crude exporters to dodge US sanctions
September 14, 2017 10:00 am JST
September 7, 2017 7:54 pm JST
Chinese shares fall for first time in five days
September 7, 2017 7:52 pm JST
September 7, 2017 2:49 pm JST
Geely climbs on sales data, while energy producers rise on higher crude prices
September 7, 2017 2:33 pm JST
Resource prices uptick and government support may prove short lived
September 7, 2017 10:00 am JST
- Local currency
- US Dollar
|Income before tax||82,456.46M|
|Dividends per share||0.28|
|Operating cash flow||255,382.40M|
Currency in HKD
|Income before tax||10,622.46M|
|Dividends per share||0.03|
|Operating cash flow||32,899.68M|
Currency in USD
- Vice Chairman & President: Hou Liang Dai
- Chief Financial Officer: De Hua Wang
- Executive Director & Senior Vice President: Zhi Gang Wang
- Executive Director & Senior Vice President: Hai Chao Zhang
- Executive Director & Senior Vice President: Fang Zheng Jiao
- Hang Seng Investment Management Ltd.(3.5%)
- The Vanguard Group, Inc.(3.4%)
- BlackRock Fund Advisors(2.4%)
- China State-Owned Assets Supervision & Admn Commission(2.1%)
- Thornburg Investment Management, Inc.(1.5%)
- Schroder Investment Management Ltd.(1.5%)
- Norges Bank Investment Management(1.2%)
- FIL Investment Management (Hong Kong) Ltd.(1.2%)
- State Street Global Advisors Asia Ltd.(1.0%)
- Templeton Asset Management Ltd. (Hong Kong)(0.9%)
- Website: http://www.sinopec.com/listco/en/
- Address: 22 Chaoyangmen North Street, Chaoyang District, Beijing, 100728, China
- Phone: +86.10.59960028
Copyright © 2017 FactSet Research Systems Inc. All rights reserved.