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The predecessor of China Petrochemical Group Co., Ltd. (hereinafter referred to as the company) is China National Petrochemical Corporation, which was established in July 1983. In July 1998, according to the deployment of the CPC Central Committee on the implementation of the strategic restructuring of the petrochemical industry, Sinopec was reorganized and established on the basis of the former China Petrochemical Corporation. In August 2018, the company was restructured into Sinopec. The company is a super large petroleum and petrochemical enterprise group with a registered capital of 326.5 billion yuan. The chairman of the board is the legal representative and the headquarters is located in Beijing. The company shall exercise the rights of benefitting from assets, making major decisions and selecting managers and other investors over the relevant state-owned assets of its wholly-owned enterprises, holding enterprises and joint-stock enterprises, operate, manage and supervise the state-owned assets in accordance with the law, and bear the responsibility of maintaining and increasing the value accordingly.
The main business scope of the company includes: industrial investment and investment management; exploration, exploitation, storage and transportation (including pipeline transportation), sales and comprehensive utilization of oil and natural gas; coal production, sales, storage and transportation; petroleum refining; storage, transportation, wholesale and retail of refined oil; production, sales and storage of petrochemical, natural gas chemical, coal chemical and other chemical products , transportation; production, sales, storage and transportation of new energy, geothermal and other energy products; exploration, design, consulting, construction and installation of petroleum and petrochemical engineering; overhaul and maintenance of petroleum and petrochemical equipment; R & D, manufacturing and sales of electromechanical equipment; production and sales of electric power, steam, water and industrial gas; research and development of technology, e-commerce and information, and alternative energy products Development, application and consulting services; self support and agency of import and export of relevant goods and technologies; foreign project contracting, bidding procurement, labor export; international warehousing and logistics business, etc.
At present, the company is China's largest supplier of refined oil and petrochemical products, the second largest oil and gas producer, the world's largest oil refining company and the third largest chemical company. The total number of gas stations ranks second in the world, ranking second among Fortune Global 500 enterprises in 2019.
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