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I want to learn more about Sinopec. Here is an introduction to Sinopec; it might help improve my impression during the interview

2009-03-26View Original

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Introduction to Sinopec: China Petrochemical Corporation (hereinafter referred to as “Sinopec”) is a joint-stock enterprise with integrated operations across the upstream, midstream, and downstream sectors, a strong focus on oil and petrochemical activities, a comprehensive sales network, and listings both domestically and internationally. Sinopec is a joint-stock company established on February 28, 2000, through exclusive sponsorship by Sinopec Group Corporation. It was set up in accordance with the Company Law of the People’s Republic of China, following the guiding principle of \"achieving diversification in the ownership structure, adhering to the laws of the market economy, and gradually establishing a modern enterprise system.\" The establishment was carried out through comprehensive restructuring and reform in areas such as business operations, assets, debts and credits, organizational structure, and personnel. The principles of separating core businesses from auxiliary ones, high-quality assets from poor-quality ones, and corporate functions from social functions were also followed. Sinopec issued 16.78 billion H-share stocks, which were successfully listed on the stock exchanges in **, New York, and London on October 18 and 19, 2000 respectively ; On July 16, 2001, 2.8 billion shares of domestic public stock were successfully issued on the Shanghai Stock Exchange. Currently, Sinopec’s total share capital is 86.702 billion shares. Sinopec Group holds 55.06% of the total share capital in the form of state-owned shares; other non-tradable state-owned and corporate shares account for 22.36%, foreign shares make up 19.35%, and domestic public shares represent 3.23%. Sinopec is China’s largest integrated energy and chemical company, mainly engaged in the exploration, development, extraction, and sales of oil and gas ; Production and sales of petroleum refining, petrochemicals, chemical fibers, fertilizers, and other chemical products, as well as storage and transportation ; Pipeline transportation of oil and natural gas ; Import and export of oil, natural gas, petroleum products, petrochemicals and other chemical products, as well as other goods and technologies; import and export agency services ; Research, development, and application of technology and information. It is China’s largest producer and supplier of petroleum products (including gasoline, diesel, and aviation kerosene) for wholesale and retail use. It is also China’s largest producer and supplier of major petrochemical products (including intermediate petrochemicals, synthetic resins, monomers and polymers for synthetic fibers, synthetic fibers, synthetic rubber, and fertilizers), as well as the second-largest producer of crude oil. In 2003, 38.16 million tons of crude oil and 5.3 billion cubic meters of natural gas were produced ; Newly proven oil geological reserves amounted to 252 million tons, while new recoverable oil reserves were 53.38 million tons. Newly proven natural gas geological reserves totaled 86.5 billion cubic meters, with recoverable reserves at 37 billion cubic meters ; 116 million tons of crude oil were processed, yielding 68.73 million tons of gasoline, coal, diesel, and other refined products ; 3.17 million tons of ethylene were produced, along with 4.691 million tons of synthetic resins, 1.28 million tons of synthetic fibers, 1.85 million tons of fiber polymers, and 500,000 tons of synthetic rubber. A total of 75.92 million tons of refined oil were sold throughout the year, accounting for 57.8% of the country’s total consumption; of this amount, 38.85 million tons were sold through retail channels, representing a 15.2% increase compared to the previous year. Following international models, Sinopec has structured its organization, established a standardized corporate governance framework, and adopted a departmental management system featuring centralized decision-making, hierarchical management, and specialized operations. Sinopec currently has over 80 wholly-owned subsidiaries, subsidiaries in which it holds controlling or participating interests, as well as branch offices. These include oil companies, refining and chemical enterprises, sales companies, as well as research and development and foreign trade entities. Its production assets and key markets are concentrated in China’s most developed and dynamic regions in the east, south, and central parts of the country. Sinopec adheres to a competitive and open business philosophy ; Business strategy of expanding resources, opening up markets, reducing costs and improving efficiency, and making prudent investments ; The business philosophy of maximizing corporate profits and shareholder returns ; A business mechanism featuring external market orientation and internal integration ; Standardized, rigorous, and honest business principles. The goal of Sinopec’s development is to truly become a world-class integrated energy and chemical company with a strong core business, high-quality assets, diversified ownership structure, technological innovation, scientific management, rigorous financial practices, and international competitiveness. Sinopec Corporation’s sole sponsor, the China Petrochemical Group Corporation, is a super-large petroleum and petrochemical enterprise group established through the restructuring of the former Sinopec Corporation; it acquired various upstream and downstream assets and thus became a national integrated petroleum and petrochemical company. Sinopec Group Corporation is a state-owned company established through capital contributions; it is an institution authorized to make investments and a holding company.
Reply #22009-03-26
Undergraduates just need to pass the CET-4 to be fine
Reply #32009-03-26
There is still a significant difference in revenues among Sinopec’s various subsidiaries, right?
Reply #42009-03-27
Haha, I have quite a say on this one. The differences among Sinopec’s various subsidiaries are not very large, but there is a significant gap among middle-level managers. I would recommend that you take part in the several new large-scale projects, as this will be very beneficial for your career development. Experience in state-owned enterprises is indeed very important; Qingdao Refinery and Hainan Refining Company are both good choices. Of course, if you have connections within the company, then you don’t need to follow the advice above
Reply #52009-03-27
There is a large disparity in revenues among Sinopec’s subsidiaries, and this has been the case for many years.
Reply #62009-03-27
I also work at Sinopec, but it’s very tough, :(

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