Sinopec: one of the leaders in the production and sale of oil and petroleum products
China’s Sinopec Corporation occupies one of the leading positions in the petrochemical market. It is the country’s leader in the petroleum and petrochemicals sector and the second-largest producer of crude oil. Sinopec owns an extensive network of petrol stations and conducts its business in various countries.
It explores, develops, and produces oil and gas fields and sells them. It owns facilities for refining raw materials and manufacturing petrochemical products, including fertilizers. Sinopec is headquartered in Beijing and has about 685,000 employees in all its divisions and offices.
Sinopec is an active participant in China’s energy security program. As part of this, the company has switched to new methods of exploration and production of raw materials, which has reduced costs. In addition, Sinopec has accelerated the establishment of maintenance stations equipped with innovative technological solutions.
Although the scope of the corporation’s business is the production and sale of carbon-containing fossils and products made from them, the business supports global environmental trends. In this regard, in 2018, the company unveiled a strategy aimed at producing green energy and encouraging the development and implementation of green technologies in the petrochemical sector. According to the program from Sinopec, by 2030, the manufacturing sector will use solutions that will reduce harmful emissions while improving process efficiency. In this way, the corporation aims to modernize production stages, making them safer for the environment and the health of living organisms.
An important point for Sinopec’s development is to follow the principles of sustainable development. The corresponding program was adopted in 2021, it includes the transformation of current processes in the company, strengthening planning for the long term. The corporation intends to accelerate the development of large fields, thereby increasing reserves, and then reducing production, as required by the climate agreement.
It should be noted that Sinopec does not seek to reduce production as a way to reduce greenhouse gas emissions. In this case, on the contrary, the corporation is strengthening its petroleum products and chemicals sector in order to further increase revenues and strengthen its market leadership. At the same time, the company is expanding its hydrogen power generation business and plans to increase solar and wind power capacity. Thus Sinopec invests in the future when it will have to give up oil and gas production or significantly reduce it. In the meantime, the proceeds from the sale of raw materials make it possible to develop other, more environmentally friendly areas.
