October 23, 2017 11:06 AM ET

Oil, Gas and Consumable Fuels

Company Overview of China Petroleum & Chemical Corporation

Company Overview

China Petroleum & Chemical Corporation, an energy and chemical company, engages in the oil and gas, and chemical operations and businesses in the People’s Republic of China and internationally. It operates through Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others segments. The company explores for and develops oil fields, and produces and sells crude oil and natural gas; processes and purifies crude oil into refined petroleum products; and manufactures and sells petroleum products. It also owns and operates oil depots and service stations; and distributes and sells refined petroleum products, such as gasoline and diesel through wholesale an...

No. 22 Chaoyangmen North Street

Chaoyang District

Beijing,  100728

China

Founded in 2000

451,611 Employees

Phone:

86 10 5996 0028

Fax:

86 10 5996 0386

Key Executives for China Petroleum & Chemical Corporation

Chairman of the Board & President
Age: 53
Total Annual Compensation: CNY673.0K
Senior VP & Executive Director
Age: 59
Total Annual Compensation: CNY627.0K
Senior VP & Executive Director
Age: 59
Senior VP & Executive Director
Age: 54
Senior Vice President and Executive Director
Age: 56
Compensation as of Fiscal Year 2016.

China Petroleum & Chemical Corporation Key Developments

China Offers To Buy 5% of Saudi Aramco Directly

China is offering to buy up to 5% of Saudi Arabian Oil Company directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the world's biggest oil producer on the stock market. PetroChina Company Limited (SEHK:857) and China Petroleum & Chemical Corporation (SEHK:386) have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters. The companies are part of a state-run consortium including China's sovereign wealth fund, the sources say.

Sinopec Not Selling Argentinian Hydrocarbon Assets

China Petroleum & Chemical Corporation (SEHK:386), which is also known as Sinopec, recently declined rumors that it is putting up for sale its hydrocarbon assets in Argentina, concentrated in Northern of Santa Cruz province and estimated to be worth some $750 million to $1 billion.

Public Investment Reportedly Interested In Chevron's South African Assets

Public Investment Corporation Limited is reportedly interested in taking part in the acquisition by Glencore Plc (LSE:GLEN) and a group of black South African-owned companies of Chevron Corporation's (NYSE:CVX) assets in the country, according to three people familiar with the matter. Public Investment could buy a portion of the business from Glencore or the minority owners, said one of the people, who asked not to be identified because the plans aren’t public. The three parties could then raise cash by selling shares in the company on the Johannesburg Stock Exchange, the person said. Chevron originally agreed to sell its 75% shareholding in the southern African business to China Petroleum & Chemical Corporation (SEHK:386) for $900 million. However, the deal stalled after black-owned minority partners including African Legend Investment Limited exercised a preemptive right on the stake. Glencore is interested in selling down the stake to reduce the size of its financial commitment, a person familiar with the matter said last week. The company intends to limit net capital expenditure across its oil business to less than $500 million over the next 12 months, it has said. “Public Investment Corporation has been approached with a proposal to invest in Chevron, but no investment decision has been made,” it said in a statement. According to Bloomberg, Glencore and African Legend Investment Limited declined to comment. Chevron and China Petroleum & Chemical Corp. didn’t immediately respond to emailed questions

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 22, 2017
75% Stake in Chevron South Africa (Pty) Limited and 100% Stake in Chevron Botswana Proprietary Ltd.
Private Placement
January 18, 2017
JZ Securities Company Limited
Private Placement
January 16, 2017
Jiuzhou Securities Co., Ltd.
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