Overview
China Petroleum & Chemical Corporation, known as Sinopec Corp., is a China-based integrated energy and chemicals company. Its operations span oil and natural gas exploration and production, refining, petroleum-product marketing and distribution, and the manufacture of petrochemicals, coal chemicals and synthetic fibres. It also conducts energy-related trading and research and develops hydrogen and other new-energy businesses. China is its principal market, with overseas oil and gas activities and international trade forming part of its operations.[1]
Sinopec Corp. presents “Cleaner Energy Better Life” as its guiding slogan. Its reported operating income was RMB 2.784 trillion in 2025, indicating the scale of its integrated operations. It is the listed company controlled by China Petrochemical Corporation, rather than the entire Sinopec Group.[2][3][4] [1][2][3][4]
Products & services
China Petroleum & Chemical Corporation (Sinopec) produces crude oil and natural gas and sells natural gas, LNG and regasified LNG. Its refined products include gasoline, diesel and kerosene, alongside chemical feedstocks and other petroleum products. It distributes fuels through a retail network that also offers convenience-store goods, gas refuelling and electric-vehicle charging and battery-swapping services. In 2024, petroleum products sold by its refining and marketing businesses accounted for 59.6% of company revenue.[5][6][7][8][9] [5][6][7][8][9][10][11][12]
Geographic presence
China is Sinopec’s principal operating market. Its oil and gas activities span the Sichuan, Songliao and Bohai Bay basins, with oil developments at Tahe, West Jungar and Shengli Offshore and natural-gas developments in Shunbei and western Sichuan. Domestic crude-oil production was 254.00 million barrels in 2024.[13][14][15]
Sinopec sells refined products through a large domestic network: it reported 182.82 million tonnes of domestic refined-product sales and 30,987 Sinopec-brand service stations in 2024. It also conducts overseas oil and gas activities and bunker-fuel business in markets at home and abroad, although the cited disclosures do not provide a country-by-country revenue breakdown.[16][17][18][19] Its registered address is in Beijing, and it lists a place of business in Wanchai, Hong Kong.[20][21][22] [13][14][15][16][17][18][19][20][21][22]
Business segments
China Petroleum & Chemical Corporation (Sinopec) reports five segments. Exploration and Production develops oil fields, produces crude oil and natural gas, and sells them internally and to external customers; it accounted for approximately 6% of 2024 external revenue. Refining processes crude oil into petroleum products for other Sinopec segments and external customers and accounted for about 5%.[23][24][25]
Marketing and Distribution operates oil depots and service stations and sells refined products, mainly gasoline and diesel, through wholesale and retail networks in China; it generated about 56% of external revenue. Chemicals manufactures and sells petrochemicals, their derivatives and other chemical products, contributing about 14%. Corporate and Others, principally import-export trading and research and development activities, contributed about 19%. These percentages use sales to external customers: substantial transfers between Sinopec’s production, refining and distribution businesses are excluded.[26][27][28][25] [23][24][25][26][27][28]
Company history
China Petroleum & Chemical Corporation (Sinopec Corp.) was established on 25 February 2000 as part of a reorganisation of China Petrochemical Corporation. The new company brought together oil and gas, refining, chemicals, and sales operations previously carried out by units of its parent. Its H shares listed in Hong Kong on 18 October 2000, followed by its A shares in Shanghai on 8 August 2001.[29][1]
In September 2014, its marketing subsidiary agreed to bring in 25 domestic and foreign investors. By March 2015, they had invested approximately RMB105 billion for a 29.5849% stake, while Sinopec Corp. retained majority ownership. The transaction opened a substantial minority interest in its fuel-marketing business to outside investors.[30] [29][1][30]
Sources
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