China Petroleum & Chemical Corp - Company Profile
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Business Description
China Petroleum & Chemical Corp (Sinopec), a subsidiary of China Petrochemical Corp, is an integrated oil and gas company, that carries out upstream, midstream and downstream operations. The company offers production, sale, storage and transportation of refinery products, petrochemical products, coal chemical products, synthetic fiber and other chemical products.
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R&D Overview
Sinopec is focusing on scientific and technological innovation to drive high-quality industry development. The company is accelerating the development of core technologies in areas such as shale oil, deep and ultra-deep stratum oil and gas exploration, refining specialties, new energy, high-end new materials, and industrial software. The company is promoting the integration of artificial intelligence with the petrochemical industry and has achieved breakthroughs in exploration theories and technologies for deep and ultra-deep shale gas. The company has also made advancements in refining and chemical technologies, including the operation of the world’s first cyclohexene esterification and hydrogenation unit and the completion of a factory-scale seawater to hydrogen production demonstration project. In FY2024, the company was granted 5,550 patents in China and overseas and applied for 9,666 patents. In FY2024, the company spent CNY24,590 million on R&D, which as a percentage of revenue, stood at 0.8% and decreased 1.7% YoY.
Business Segments
Overview
Sources chemical feedstock from the refining segment and third parties and produces and markets petrochemical and inorganic chemical products. Produces and distributes a comprehensive range of chemical products including intermediate petrochemicals, synthetic resins, synthetic fiber monomers and polymers, synthetic fibers and synthetic rubber. In FY2024, the segment’s capital expenditure stood at CNY44,664 million, which decreased 18.8% YoY.
Performance
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Overview
Exploration and production assets include conventional and unconventional properties across the world. It explores for and develops oil fields, produces crude oil and natural gas, and sells to the Refining segment and external customers. In FY2024, the segment’s capital expenditure stood at CNY82,253 million, which grew 4.7% YoY.
Performance
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Overview
Manages depots and service stations in China. It distributes refined petroleum products through its wholesale and retail networks. In FY2024, the segment’s capital expenditure stood at CNY14,128 million, which decreased 10.2% YoY.
Performance
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Overview
Purchases crude oil from third parties and E&P segment to process into refined petroleum products. Major products include asphalt, chemical feedstock, diesel, fuel oil, gasoline, LPG, jet fuel, solvent oil, naphtha, kerosene, petroleum coke and paraffin. In FY2024, the segment’s capital expenditure stood at CNY29,341 million, which grew 28.1% YoY.
Performance
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Overview
Includes trading activities of the import and export companies and research and development activities. In FY2024, the segment’s capital expenditure stood at CNY4,579 million, which grew 2.1% YoY.
Performance
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Geographical Segments
Performance
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Performance
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