SINOPEC

What SINOPEC does

Sinopec (China Petroleum & Chemical Corporation) is a Chinese state-owned, vertically integrated energy and petrochemical company and one of the largest in the sector globally, publicly listed on the Shanghai (600028.SS) and Hong Kong (0386.HK) stock exchanges under the control of China Sinopec Group and supervised by SASAC. The company's operations span the full hydrocarbon value chain: upstream oil and gas exploration and production — including offshore exploration in the East China Sea, South China Sea, and ultra-deep shale gas (notably the Ziyang Dongfeng field with 235.687 billion cubic meters of proven reserves) — midstream refining at what is China's largest refining network processing approximately 5.03 million barrels of crude per day, and downstream production of petrochemicals including ethylene, polyethylene, styrene monomer (via a 50:50 JV with LyondellBasell), synthetic lubricants, and coal-to-olefins products. Distribution is anchored by a vast domestic fuel station retail network and international retail presence in Sri Lanka, Singapore, and other Belt and Road markets, supported by trading arm Unipec, one of Asia's largest oil traders, and logistics assets such as VLCC crude charters.

Sinopec's revenue model is fundamentally transactional across oil refining, petrochemicals, fuel retail, LNG trading, and upstream production, with pricing for refined petroleum products subject to Chinese government regulation. The company is actively diversifying into new energy and adjacent verticals: a Towngas MOU (Feb 2026) covering hydrogen infrastructure, green methanol, and sustainable aviation fuel (SAF); a CATL partnership to build 30,000+ battery swap stations by 2030 leveraging existing station footprint; a $3.7 billion Sri Lanka refinery and $750 million Uzbekistan olefin plant as Belt and Road expansion; and an equity investment in Galbot's humanoid robotics/embodied AI round. Technology and R&D emphasis is reflected in proprietary ultra-deep shale gas exploration (AI-integrated geophysical imaging at 4,500–5,200m depths), multi-cable seismic acquisition (world-record 15,000m cable length), 18 national-level science awards, and the Fenghuo industrial AI agent launched May 2026 integrating Alibaba Qwen and DeepSeek large language models to improve exploration sweet-spot prediction efficiency by 60%.

Financially, Sinopec reported full-year 2025 net income of 32.5 billion yuan (~$4.7 billion USD), a decline of ~34–36.8% from 49 billion yuan in 2024 and the fourth consecutive year of net profit decline, before rebounding 28% year-over-year in Q1 2026 to 17 billion yuan on higher crude prices. Q1 2026 capex rose 38% year-over-year to 25.17 billion yuan (62% allocated upstream), and the announced absorption of China National Aviation Fuel Group (CNAF) at the parent-entity level is reshaping the domestic SAF and aviation fuel market. The company's customer base spans millions of retail consumers, large industrial B2B accounts (CNAF, LyondellBasell, CATL, Saudi Aramco), and government/strategic reserve channels, while its headcount exceeds 10,000 within the listed entity and over one million across the broader Sinopec Group enterprise.

Name

SINOPEC

Legal name

China Petroleum & Chemical Corporation

Website

https://shopb.sinopec.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Sinopec (China Petroleum & Chemical Corporation) is a Chinese state-owned, vertically integrated energy and petrochemical company operating China's largest oil refinery network, with upstream exploration, midstream refining, petrochemicals, retail fuel, and emerging hydrogen, battery swap, and AI-powered industrial solutions.

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas / Petroleum Refining

NAICS

Petroleum Refineries (324110), Petrochemical Manufacturing (32511), Chemical Manufacturing (325), Petroleum Bulk Stations and Terminals (424710), Pipeline Transportation of Refined Petroleum Products (486910)

SIC

Petroleum Refining (2911), Wholesale-Petroleum Bulk Stations & Terminals (5171), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)

akta.pro primary industry

Oilfield & Refining Specialty Chemicals (IMAEABAI)

akta.pro secondary industries

Biofuel Distribution & Fuel Marketing (Wholesale/Retail) (EUAAAHAI), Sulfur & Acid Gas Feedstocks (Sulfur, Sulfuric Acid, Mercaptans) (EUALAHAH), CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• Oil refining operations
• Petrochemical production
• Oil gas exploration
• Fuel retail network
• LNG trading

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Oil Refining: Sinopec is China's largest oil refiner by capacity, processing crude oil into refined petroleum products including gasoline, diesel, jet fuel, and other petroleum products. The company operates multiple refineries across China and processes approximately 5.03 million barrels per day.
2. Petrochemicals: Production and sale of petrochemical products including ethylene, synthetic lubricants, and chemical products derived from petroleum refining.
3. Hydrogen and Green Fuels: Development of hydrogen infrastructure, sustainable aviation fuel (SAF), and green methanol applications for Hong Kong market through Towngas partnership.
4. Fuel Retail: Operation of fuel stations across China and internationally (e.g., Sri Lanka network) for retail fuel sales to consumers and businesses.
5. Oil and Gas Exploration & Production: Upstream oil and gas extraction operations including offshore exploration in East China Sea and South China Sea, as well as shale gas development.
6. New Energy Development: Investments in hydrogen trucking initiatives, battery swapping ecosystems (via CATL partnership), and electric vehicle infrastructure.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

Sinopec is a vertically integrated energy and chemical company operating across the entire oil and gas value chain. Its core activities include upstream oil and gas exploration and production (offshore and shale gas), midstream refining of crude oil at China's largest refining network (~5.03 million barrels per day), production of petrochemicals (ethylene, polyethylene, styrene monomer, synthetic lubricants), and downstream retail marketing of gasoline, diesel, jet fuel, and LNG through an extensive station network across China and international markets.

Product overview

Sinopec (China Petroleum & Chemical Corporation) is a vertically integrated energy and petrochemical company with operations spanning upstream oil and gas exploration, midstream refining and processing, and downstream marketing of refined petroleum products, chemicals, and LNG. The company operates China's largest refinery network and markets petroleum products through its extensive retail station network across Asia. Sinopec also produces petrochemicals including polyethylene, styrene monomer, and synthetic rubbers through its chemical division. In the digital space, Sinopec has launched the Fenghuo industrial AI agent for automating industrial workflows. The company is also developing shale gas resources, with the Ziyang Dongfeng field representing a major breakthrough in ultra-deep exploration technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Shale Gas (Ziyang Dongfeng Field) Ultra-deep shale gas production from the Ziyang Dongfeng field in the Sichuan Basin, with proven geological reserves of 235.687 billion cubic meters. Represents China's first ultra-deep, 100-billion-cubic-meter-level shale gas field.
• Liquefied Natural Gas (LNG) LNG trading and transportation operations, with vessels carrying LNG exiting the Strait of Hormuz heading to destinations including China and Pakistan.
• Polyethylene Polyethylene copolymer products as part of Sinopec's petrochemical portfolio, identified as a key player in the global polyethylene market alongside ExxonMobil, Dow, LyondellBasell, and SABIC.
• Coal-to-Olefins Products Sinopec's Dalu coal-to-olefins project with investment of 22.1 billion yuan, producing olefins from coal as an alternative feedstock to petroleum.
• Retail Petroleum Products (Gasoline, Diesel, Lubricants) Retail petroleum products including petrol, diesel, and lubricants sold through Sinopec-branded fuel stations across Asia including Singapore, Sri Lanka, and other markets.
• Styrene Monomer Sinopec operates a 600,000-ton styrene monomer facility through a 50:50 joint venture with LyondellBasell as part of capacity expansion in the benzene/styrene market.
• Fenghuo Industrial AI Agent An industrial AI agent that transforms AI into digital employees and experts, enabling automation of industrial workflows and decision-making processes for oil and gas exploration applications, improving sweet spot prediction efficiency by 60%.

Quantifiable outcome

• 235.687 billion cubic meters proven shale gas reserves discovered
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core.

• Alibaba Cloud / DeepSeekcoreTechnology or Integration · 7 May 2026Sinopec's Fenghuo industrial AI agent integrates with Alibaba's Qwen and DeepSeek domestic large language models for multi-modal data fusion platform in oil and gas exploration.
• Sinopec Petroleum Exploration and Development Research Institute (石勘院)coreTechnology or Integration · 7 May 2026Sinopec's digital intelligence laboratory developed AI agents integrated with domestic LLMs for oil and gas exploration applications, improving sweet spot prediction efficiency by 60%.
• PetroChina, CNOOC, Sinochem Group, Zhejiang PetrochemicalcoreChannel Partner/ Reseller/ Distributor · 5 March 2026Sinopec and other major Chinese state refiners coordinated fuel export suspension following government directive to prioritize domestic supply amid Middle East conflict disruptions.
• Saudi AramcocoreStrategic or Co-development Partner · 1 March 2026Sinopec among contractors (including Halliburton, Sinopec, Samsung Engineering, and Saipem) for Aramco's Jafurah shale gas development, a $100 billion investment project for Saudi Arabia's largest shale gas development outside the US.
• CATL (Contemporary Amperex Technology)coreStrategic or Co-development Partner · 7 February 2026Sinopec partnering with CATL in battery swapping ecosystem development, with plans to build over 30,000 battery swapping stations by 2030. Sinopec leveraging its existing station network for EV charging/battery swap infrastructure.
• Towngas (Hong Kong and China Gas Company)coreStrategic or Co-development Partner · 5 February 2026Sinopec, Sinopec Star, and Towngas signed MOU to collaborate on hydrogen infrastructure, refueling station construction, liquid hydrogen storage and transport, green methanol shipping applications, and sustainable aviation fuel development in Hong Kong. Companies exploring JV formation to accelerate hydrogen project delivery.
• Sri Lanka GovernmentcoreStrategic or Co-development Partner · 1 January 2025Sinopec committed $3.7 billion to build a refinery at Hambantota port in Sri Lanka as part of Belt and Road Initiative, one of the initiative's largest single investments in 2025.
• Kazakhstan Government/KMGcoreStrategic or Co-development Partner · 1 January 2025Sinopec signed contracts with Kazakhstan national oil company KMG for subsoil use at Zhylyoi project in Atyrau region and Berezovsky project, continuing Central Asian energy cooperation.
• Uzbekistan GovernmentcoreStrategic or Co-development Partner · 1 January 2025Sinopec invested $750 million in olefin plant in Uzbekistan, part of China's shift from extractive industries toward manufacturing and green energy in Central Asia.
• LyondellBasellcoreStrategic or Co-development Partner · 1 November 2024Sinopec and LyondellBasell 50:50 joint venture established for 600,000-ton styrene monomer production facility, representing capacity expansion in petrochemical sector.
• Qingdao Energy GroupcoreStrategic or Co-development Partner · 12 August 2024Qingdao Energy Group made a strategic investment in Sinopec Qingdao Liquefied Natural Gas project to build confidence for the city and strengthen local energy infrastructure through equity participation.

Scale indicators20 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• PetroChina: PetroChina is China's other state-owned integrated oil and gas major and Sinopec's closest domestic peer, with overlapping upstream, refining, and downstream operations and direct competition in retail and aviation fuel markets.
• CNOOC: CNOOC is China's state-owned offshore upstream specialist and shares operating waters with Sinopec's Shanghai Ocean Petroleum Bureau, with comparable offshore E&P and deep-water drilling technologies and competes for the same marginal acreage.
• Saudi Aramco: Aramco is the world's largest integrated oil company and a Sinopec partner (Jafurah shale gas contractor) and crude supplier. The two share the integrated upstream-to-downstream model and compete in petrochemicals globally.

Broad incumbents

• ExxonMobil: ExxonMobil is a global integrated supermajor comparable to Sinopec across upstream, refining, petrochemicals, and emerging low-carbon investments, and competes in polyethylene and LNG markets.
• Chevron: Chevron is a global integrated oil major comparable in upstream-to-downstream scope and is a Sinopec competitor in the petroleum coke market and broader Asian energy trade.
• Shell: Shell is a global integrated oil and gas major with comparable refining, petrochemicals, and new energies portfolios, competing with Sinopec in LNG, hydrogen, and EV charging initiatives.
• TotalEnergies: TotalEnergies is an integrated supermajor with a similar diversified portfolio including refining, petrochemicals, LNG, and renewables, competing with Sinopec in sustainable aviation fuel and hydrogen.

Emerging players

• Reliance Industries: Reliance is a major Indian integrated player with comparable petroleum refining and petrochemicals operations and identified alongside Sinopec as a key global petroleum coke and polyethylene producer.

Regional players

• Indian Oil Corporation: Indian Oil is India's largest state-owned integrated oil company, identified as a key petroleum coke competitor with Sinopec, and serves as a regional Asia peer with comparable refining scale and retail footprint.

Others

• LyondellBasell: LyondellBasell is a global petrochemicals leader and Sinopec's 50:50 joint venture partner in a 600,000-ton styrene monomer facility, serving as a direct competitor and co-investor in petrochemical capacity expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SINOPEC