【2025 Industry Updates】The three major oil companies (CNPC, Sinopec, CNOOC) established nearly 30 new companies in the first five months of 2025
Thread Content
This post was last edited by zhoudingshengs on 2025-6-12 06:57. Entering 2025, in just five months, the \"Big Three Oil Companies\" have established nearly 30 new companies, covering a wide range of fields including commercial oil reserves and high-performance fiber materials, as well as geothermal development and engineering, technical, and legal services. These newly established companies also outline the strategic approach of China’s state-owned energy enterprises in the face of global changes in the energy sector: traditional businesses are used to strengthen the foundation, new businesses are aimed at opening up new opportunities, regional strategies are employed to take advantage of favorable conditions, and both technology and capital play a key role in driving development. Just as CNOOC outlined in its business strategy for 2025 the three key initiatives of \"increasing reserves and production, driving technological innovation, and promoting green development,\" the \"Big Three oil companies\" are using new subsidiaries as a catalyst to bring about systematic changes in the energy industry.
1. CNPC: Advancing simultaneously in traditional and new energy sectors. In the first half of 2025, CNPC’s capital allocation followed a dual-track approach. China National Petroleum aims to build a comprehensive energy company that develops both traditional oil and gas resources as well as new energy sources. The strategy for developing new energy focuses on \"stabilizing oil production, increasing gas production, and achieving cross-sector integration.\" The goal is to have new energy sources account for one-third of total production by 2035, with this proportion rising to 50% by 2050. On January 16, 2025, CNPC Jiyou (Jinzhou) New Energy Co., Ltd. was established, with shares held equally by CNPC North China (Beijing) New Energy Co., Ltd., a subsidiary of CNPC (51%), and Jinzhou City Investment Development Group Co., Ltd. (49%). The company will focus on areas such as the research and development of new energy technologies, heat production and supply, cooling services, and engineering management services.
On February 5, CNPC Jiyou (Qian’an) New Energy Co., Ltd. was officially established, with CNPC Taihu (Beijing) Investment Co., Ltd. holding 100% of its shares. The company will focus on power generation, power transmission, and power supply (distribution) services. It will also strive for research and innovation in emerging energy technologies, and actively expand its business in areas such as the sales of battery swap facilities for new energy vehicles. On February 11, CNPC (Beijing) Commercial Reserve Oil Co., Ltd. was established, with China National Petroleum Corporation holding 100% of its shares. Its business scope covers a variety of fields such as the sale of petroleum products, the leasing of special equipment, engineering technology services, and land remediation. The establishment of this company marks a further expansion by CNPC in the areas of energy reserves and comprehensive services.
On February 26, Wuhu Kunlun Gas Co., Ltd. was established, with its business scope including gas distribution； Power generation, power transmission, power supply (distribution) services ； Contract Energy Management ； Energy-saving management services ； Thermal power production and supply ； Cooling services, etc. According to Qichacha’s equity tracing analysis, the company is jointly owned by CNPC Kunlun Gas Co., Ltd. and Sinopec Great Wall Gas Investment Co., Ltd., which is part of Sinopec. On March 11, CNPC (Qinhuangdao) Port Oil Geothermal Development Co., Ltd. was officially established, with CNPC Taihu (Beijing) Investment Co., Ltd., a subsidiary of CNPC, holding 100% of its shares. The company will focus on activities such as heat production and supply, cooling services, energy-saving management services, and energy storage technology services.
On March 21, CNPC Kunlun Star Technology Company was officially established in Wuhan, marking a significant step forward for CNPC in the field of vehicle accessories and signaling the entry of this business into a new phase. On March 24, CNPC Jiyou (Pingquan) New Energy Development Co., Ltd. was established. Its business scope includes heat production and supply, solar power generation technology services, research and development in carbon reduction, carbon conversion, carbon capture, and carbon sequestration technologies, operation of centralized fast-charging stations, management of electric vehicle charging infrastructure, and energy storage technology services. According to the shareholder information, the company is wholly owned by CNPC Taihu (Beijing) Investment Co., Ltd., which is a subsidiary of China National Petroleum Corporation.
On May 17, Jinzhou Taihu Jincheng Vehicle Energy Sales Co., Ltd. was established. According to enterprise registration data, China Petroleum’s subsidiary, CNPC Taihu (Beijing) Investment Co., Ltd., holds 90% of the shares in this company, while Jinzhou Guotou Project Management Co., Ltd. holds 10%. On May 21, CNPC (Beijing) Project Management Co., Ltd. was established, funded by CNPC Engineering with 40 million RMB, which holds 100% of its shares. Once established, the project management company will make vigorous efforts to promote green and low-carbon development as well as digital transformation, in order to fast-track its growth into a world-class project management service provider. On May 23, CNPC Yihua Energy (Hubei) Co., Ltd. was established, with a registered capital of 30 million RMB. Its business scope includes the retail of auto parts ； Motor vehicle repair and maintenance ； Sales of car decoration items, etc. According to the shareholder information, the company is jointly owned by CNPC Taihu (Beijing) Investment Co., Ltd., a wholly-owned subsidiary of China National Petroleum Corporation, and Hubei Yihua Group Co., Ltd.
On May 26, Huaneng (Tai’an) Gas Turbine Power Generation Co., Ltd. was established. The business scope includes power generation, power transmission, power supply (distribution), heat production and supply, as well as cooling services. The company is jointly owned by Huaneng Shandong Power Generation Co., Ltd., CNPC Kunlun Gas Co., Ltd., Tai’an Taishan New Energy Development Co., Ltd., and Shandong Daiyue Finance and Investment Co., Ltd. In 2025, the new companies established in China’s petroleum sector will focus their activities on areas such as wind and solar power generation, charging and battery swapping services, hydrogen energy, energy storage, and geothermal energy. For example, Qianan New Energy Company covers the entire value chain from power generation to transmission and distribution, while Qinhuangdao Company specializes in geothermal development ； Furthermore, the cooperation models are also diversifying. For example, in collaboration with local state-owned assets, Xinjiang Youxing New Energy (founded in 2024 and set to begin operations in 2025) is held 90% by CNPC Taihu and 10% by Altay State-owned Assets. It also engages in cross-sector partnerships, such as forming Sichuan Zhongxin Company in conjunction with Wuliangye, in order to integrate resources related to photovoltaic manufacturing and the transformation of gas stations.
2. Sinopec: Transformation in the refining and chemical industry and breakthroughs in new materials. Sinopec’s strategic transformation focuses on upgrading its refining and chemical operations as well as making breakthroughs in new materials. On January 1, 2025, Henan Refining & Chemical Company officially commenced operations, replacing the former Luoyang branch. This marks a new phase for Luoyang Petrochemical, which has a history of nearly 50 years. The total investment in this project is 27.8 billion yuan, with commissioning planned for the end of 2025. Once completed, the project will help companies transition from \"fuel-based\" refineries to \"chemical-based\" refineries, thereby filling the gap in polyethylene resources in Henan Province. On February 8, Sinopec Petroleum Engineering Research and Testing Technology Co., Ltd. was established. It is Sinopec’s first enterprise dedicated to pilot-scale testing in the field of petroleum engineering, and it was set up with full funding from Sinopec Petroleum Engineering Technology Research Institute Co., Ltd., a wholly-owned subsidiary of Sinopec. The establishment of a pilot-scale platform is an important measure taken by the Academy of Engineering to strengthen fundamental research, overcome bottlenecks in the pilot testing phase of scientific research, and accelerate the transformation of scientific and technological achievements in petroleum engineering.
On February 19, Inner Mongolia Xinhajin Carbon Fiber Co., Ltd. was established; it is a wholly-owned subsidiary of Sinopec Shanghai Petrochemical Co., Ltd. The company focuses on the manufacturing and sales of high-performance fibers and composite materials. On February 21, Sinopec Yizheng Chemical Fiber New Materials (Ningxia) Co., Ltd. was established. This is a wholly-owned subsidiary set up by Sinopec Yizheng Chemical Fiber in order to create a research, development, and production base for specialty fibers, enhance its capacity to supply these fibers in the market as well as its competitiveness in the industry, and promote the sustainable development of its specialty fiber business.
On February 24, Bengbu Jiaokong Petrochemical Energy Co., Ltd. was established. Its business scope includes the sale of petroleum products, sales of services for charging motor vehicles, centralized fast-charging stations, the sale of lubricants, as well as the sale of hydrogen refueling and storage facilities for use at stations. According to the shareholder information, the company is jointly owned by Sinopec Sales Co., Ltd., a subsidiary of Sinopec, and Bengbu Transportation Asset Management Co., Ltd. On February 25, Sinopec established Sinopec Yizheng Chemical Fiber New Materials (Ningxia) Co., Ltd. in Ningxia, with a registered capital of 490 million yuan, focusing on the production of high-performance fibers and composite materials. The company’s project to produce 8,000 tons of specialty fibers per year (including 4,000 tons of para-aramid) requires a total investment of 1.772 billion yuan; the products are used in applications such as bulletproof vests and in the aerospace industry. Currently, 70% of the domestic aramid market relies on imports; once the project is operational, it will significantly enhance the autonomy and control over the industrial chain. On February 26, Wuhu Kunlun Gas Co., Ltd. was established, with its business scope including gas distribution ； Power generation, power transmission, power supply (distribution) services ； Contract Energy Management ； Energy-saving management services ； Thermal power production and supply ； Cooling services, etc. According to Qichacha’s equity tracing analysis, the company is jointly owned by CNPC Kunlun Gas Co., Ltd. and Sinopec Great Wall Gas Investment Co., Ltd., which is part of Sinopec.
On March 6, Sinopec Green Energy (Xingping) New Energy Development Co., Ltd. was established. It is jointly owned by Sinopec Green Energy Geothermal Energy Development Co., Ltd., a subsidiary of Sinopec Group, and Xingping Fangwei Urban Comprehensive Operation Co., Ltd., with each holding 51% and 49% of the shares respectively. The company is mainly engaged in heat production and supply, cooling services, research and development of new energy technologies, sales of solar thermal utilization equipment, centralized fast-charging stations, solar power generation technology services, as well as sewage treatment and its reuse. On April 3, Sinopec Chuangchen New Materials Technology (Yangzhou) Co., Ltd. was established. It is a wholly-owned subsidiary of Sinopec, focusing on the field of new materials. Its main business activities include the research, development, manufacturing, and sales of engineering plastics, high-performance fibers, and composite materials, as well as the provision of related technical services and marketing support.