Sinopec, otherwise known as the China Petroleum & Chemical Corporation, is a Chinese oil and gas company located in Beijing, China. It has its listing in Hong Kong and aside from this, it trades in New York and Shanghai.
Sinopec Limited’s predecessor, Sinopec Group, is one of the China’s major state owned petroleum energy and chemicals companies; it has its headquarter in Chaoyang District, Beijing.
Sinopec’s business activities features oil and gas exploration, oil and gas refining, and marketing; production and trade of petrochemicals, chemical fertilizers, chemical fibers, and other chemical products; storage and transportation of crude oil and natural gas through pipeline; importation and exportation of crude oil, petrochemicals, natural gas, refined oil products, and other chemicals.
Sinopec, in 2015, has the highest quota of cash paid for taxes of all Chinese companies. This doesn’t end here; the fast growing company, in 2011, also ranked as the 5th largest company in sales in Forbes Global 2000.
In 2009, Sinopec was ranked 9th by Fortune Global 500. It became the first Chinese corporation to make the top ten list; in 2010 it, it even worked harder to be ranked 7th. In 2007, it made the first position in the Top 500 Enterprises of China ranking.
Sinopec The Second Richest Company
Currently, Sinopec ranks as number 2, according to the 2015 Fortune Global 500 ranking.
In February, 2000, under the China Petrochemical Corporation Group (otherwise known as Sinopec group), Sinopec Limited was founded as a joint stock entity. Later in October (2000), it was simultaneously listed in Hong Kong, New York and London. In June 2001, Shanghai listing was completed.
Because of its asset base from Sinopec Group, Sinopec Limited has been categorized by analysts to be a more downstream oil dealer than PetroChina. Sinopec serves as the largest oil refiner in Asia, calculating by its annual volume processed.
Although Sinopec produces about ¼ as much crude oil as PetroChina, it has about 60% more refined products produced more than PetroChina every year.
In December 2006, Sinopec purchased the assets of Shengli Petroleum, whose major asset was a maturing domestic oil field. This was done in order to stabilize its crude inputs and raise the utilization rate of its existing refineries.
In March 2013, China Petroleum and Chemical Corp came to an agreement to buy Sinopec Group’s overseas oil and gas-producing assets for $1.5 billion.
In August 2013, Sinopec bought a 33% stake in Apache Corporation’s oil and gas business located in Egypt for $3.1 billion.
In December 2013, three companies: MCC Holding, Hong Kong Corp. Ltd. and MCC Oil & Gas Hong Kong Corp.Ltd., made a purchase of 18% stake of Sinopec in oil and gas business for $9.3 billion.
In 2004, Sinopec signed an evaluation deal with Gabon. Hu Jintao, the 2004 Chinese president, signed different bilateral trade accords with his Gabonese rival, Omar Bongo, during his African visit that year, which included a “memorandum of agreement.
This was aimed at making it known to the parties’ desire to develop oil and gas exploration, exploitation, refining and export activities”.
Three onshore fields were selected to be explored. One of these three selected blocks, LT2000, is located at about 200 kilometers (120 mi) southeast of Gabon’s economic hub, Port Gentil, which is at the southern part of the capital, Libreville, on the Atlantic coast.
The other two blocks — DR200 and GT2000 – are located at around 100 kilometres (62 mi) northeast of Port Gentil, according to the Gabonese oil ministry.
In February 2007, Sinopec signed a deal with Saudi Aramco and Exxon, and this deal was aimed at revamping the Fujian oil refinery, thereby triple its oil-producing capacity to 240,000 barrels per day (38,000 m3/d) by 2009.
In February 2002, Unipec, a subsidiary of Sinopec, signed a contract with French oil company, Total.
On April 13, 2010 Sinopec Limited made an announcement that it acquired Conoco Phillips’s 9% stake in the Canadian oil sand firms, Syncrude, for $4.65bn. On June 25, 2010, the deal was granted regulatory approval from the Canadian government.
While largely welcomed by industry, Sinopec’s Syncrude stake has triggered concerns about the influence the Chinese government may try to exert on Canadian policy makers.
In October 2011, Sinopec offered to buy Canadian oil and gas firm, Daylight Energy Ltd for C$2.2 billion ($2.1 billion). Daylight Energy Ltd. was renamed to Sinopec Daylight Energy Ltd. after it was acquired in December 2011. To find out more visit Sinopec direct > http://www.sinopecgroup.com/group/