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1 Celebrating The First Decade SINOPEC CORP. - CELEBRATING THE FIRST DECADE
Brooklands new Media Premier Corporate Publishers A Brooklands New Media
Publication In Association With Xinhua News Agency



2




3 Celebrating The First Decade PUBLISHED BY BROOKLANDS NEW MEDIA LTD



4



5 Celebrating The First Decade PUBLISHED BY BROOKLANDS NEW MEDIA LTD





6 Celebrating The First Decade PUBLISHED BY: Brooklands new Media Premier
Corporate Publishers A Brooklands New Media Publication In Association With
Xinhua News Agency Brooklands New Media Ltd, PO Box 27, Oswestry, Shropshire,
SY11 2ZE, United Kingdom Tel: +44 (0) Fax: +44 (0) info@brooklandsnewmedia.com
PHOTOGRAPHY: Xinhua News Agency London, Sinopec Corp. AUTHOR Lew Baxter ISBN:
Additional copies of this issue are available from the publishers at 25 + P&P.
For further information, Fax +44 (0) or info@brooklandsnewmedia.com or visit No
part of this publication may be reproduced, stored in a retrieval system or
transmitted in any form or by any means, electronic, mechanical, photocopy or
otherwise, without prior written permission from the publisher and copyright
owner. Whilst every effort has been made to ensure the accuracy of information
in this publication, the publisher cannot accept responsibility for any errors.
Readers should seek independent advice regarding the accuracy of the material
included in this publication. The opinions and views expressed in this
publication are not necessarily those of the publishers and, whilst every
reasonable care has been taken in the preparation of this publication, the
publishers are not responsible for such opinions and views in the articles,
advertising, or in any other section of the publication. The publisher makes no
warranty of any kind, expressed or implied, and shall not be liable to any
person or entity with respect to any loss or damage caused or alleged to be
caused directly or indirectly from the information contained in this
publication.



7 Celebrating The First Decade FOREWORD Sinopec Corp. was founded in 2000 by the
former state-owned China Petrochemical Corporation and is now one of the largest
and most successful petroleum and petrochemical companies in the world, with
revenues exceeding RMB1, 428 billion (US$215 billion). In October of that year
it was listed in Hong Kong, London and New York and in August of 2001 it was
listed in Shanghai, the largest listed company in China by revenue, and today is
highly regarded as a global player, ranked amongst the biggest and best of the
world s oil majors. It is the country s largest refiner and petrochemical
producer, and its second largest crude oil and natural gas producer and supplies
over 60% of China s oil products. Over the last decade, it has undergone
tremendous growth and development, and recently Sinopec Group whose core asset
is Sinopec Corp., became the first Chinese company to break into the top ten of
the Fortune Global 500. Elliott Group celebrates Sinopec Corp. s 10 years of
leadership in developing and managing China s critical petroleum resources.
Elliott is a world leader in the design, manufacture, and service of
turbomachinery for the oil and gas, refining and petrochemical industries. We
are proud to support Sinopec Corp. with our reliable efficient rotating
equipment and comprehensive turbomachinery services. The company also attaches
significant importance to enhancing its corporate governance and to supporting
social and sustainable development, reflecting a balanced harmonious approach
and commitment to meeting the needs of all customers, stakeholders and employees
alike. This special commemorative anniversary publication marks the anniversary
of that significant listing on the world s stock exchanges as well as
celebrating the extraordinary success of Sinopec Corp. over the last decade. It
highlights Sinopec Corp. s pivotal achievements and milestones on its march to
becoming one of China s - and the world s - most influential energy companies.
Lew Baxter Editor-in-Chief China Projects Brooklands New Media Limited



8 COMMENTARY AND STATEMENT: SU SHULIN, CHAIRMAN, SINOPEC CORP. 15 As China
continues to march forward in the new century, and is now playing its rightful
role on the world stage, Sinopec Corp. has also experienced an extraordinary and
remarkable expansion in the last decade. Ten years ago, in February 2000, the
China Petroleum & Chemical Corporation - known as Sinopec Corp. - was
incorporated by the China Petrochemical Corporation as the sole initiator
through the reorganization and concentration of its core business and assets.
Sinopec Corp. listed its shares on the Hong Kong, New York, London and Shanghai
exchanges respectively from October 2000 through to August This started an
exciting new era for Sinopec Corp., with a diversified shareholding structure
and access to both domestic and overseas capital markets. As a result of going
public Sinopec Corp. has readily and strenuously adapted to the changing
environment and challenges, and kept up to speed with worldwide business and
economic trends. Its decisions and policies have been introduced in a realistic
and practical way, thereby gaining bigger market share, lowering costs and
increasing profits. It has taken full advantage of the opportunities now
available thanks to China s ongoing development, which is a truly historical
event in terms of the country s worldwide status. Sinopec Corp. has made
enormous leaps forward by reforming its internal systems, speeding up the
reorganisation of its basic structure by improving the level and skills of
management, strengthening technological innovation, optimizing its corporate
governance by adopting accepted worldwide standards, and by successfully
expanding its cooperation with international partners. There is little doubt
that Sinopec Corp. has changed dramatically in the last ten years, as indicated
by continuous steady revenue growth, and underlined with turnover in the first
nine months of 2010 reaching RMB trillion (US$2 billion), up 59.8% over the same
period in There has also been a marked increase in total assets and earning per
share, while the equity held by shareholders and market capitalization has also
shown growth. Over the last decade the ranking of the Sinopec Group, with
Sinopec Corp. as its core asset, in the Fortune Top 500 rose dramatically from
58 in the table to 7, highlighting how Sinopec Corp. has become one of the most
well-known, respected and successful energy and chemical companies in the world.
Apart from its commercial success, Sinopec Corp. also takes seriously its social
responsibilities and makes great efforts to adhere to this policy in the areas
of health, safety and the environment, carbon reduction and the production of
clean energy. It has established a good corporate image by actively taking part
in public welfare and charity projects, and in emphasising care for its
employees, both in China and worldwide. Sinopec Corp. s remarkable achievements
in the past decade are a result of China s fast growing economy, as well as
support from all sections of society, domestic and overseas partners, and our
investors. These achievements could not have happened without the correct
decisions made by the board of directors, and the effective administration
controls provided by the supervisory committee, as well as the excellent
operational roles played by the management team and the hard work of all
employees. I would like to offer my sincere thanks to all of the above people. A
decade of hard work and dedicated effort has created glorious achievements.
Sinopec Corp. is determined to build and develop an internationally competitive
transnational energy and chemical company. Its primary mission is to make
valuable contributions to China s progress and future, make beneficial returns
to shareholders, as well as serving society and benefiting employees. To achieve
these aims it uses the guidelines capitalize on strengths and minimize
weaknesses, and improve weak points ; and it will closely adhere to the concept
of scientific development. It will continue to practise the successful
strategies for acquiring resources, market share and particularly the going
global program, while at the same time making great efforts in management and
technology innovation and team building. We believe that Sinopec Corp. will
achieve even better performance in the future and continue to leap forward to
reward shareholders, employees, clients and society overall. Su Shulin Chairman
of Sinopec Corp. 16




9 CONTENTS 26 Introducing Sinopec Corp. A World Petrochemical Leader 32 A Brief
History Of China s Oil And Gas Industry




10 CONTENTS CoNGRATulATES SINoPEC CoRP. on ITS 10TH ANNIvERSARy 5444 Westheimer
Road Ste Houston, Texas Tel: Fax: ERHC Energy has worked closely with Sinopec
Group., and its subsidiary, Addax Petroleum, in a long-term partnership to
advance exploration in the deepwater Gulf of Guinea off the coast of West
Africa. Sinopec Corp has earned our admiration, faith and respect in the course
of our joint exploration of several deep offshore blocks in the Nigeria Sao Tome
& Principe Joint Development Zone. Sinopec Corp. s highly skilled team of
technical experts achieved the unprecedented feat of drilling five exploratory
wells in water depths of up to 2,000 meters in under six months. They
accomplished this on time and on budget. It was an enormous achievement for
which ERHC Energy is grateful. Congratulations to Sinopec Corp. on its
extraordinary success over the past decade. We look forward to celebrating
future successes and accomplishments with Sinopec Corp. for many years to come.
38 Growth Of Sinopec Corp. Building Image, Brands And Business 46 Core Business
And Subsidiaries




11 CONTENTS 54 Meeting The Domestic Challenge 62 Awards For Performance And
Operations




12 CONTENTS 68 Worldwide Operations The Going Global Policy Drives Forward 74
Corporate Culture And Governance




13 TRIPLE e HOLDING COMPANY EMTIAZ ENGINEERING & ENERGY HOLDING COMPANY (EEEH)
COMPANY S VISION To achieve excellence in our technical and financial
Performance and be the leader in implementing innovative methods to maximize the
realized value from Oil & Gas Resources and other associated Energy &
Infrastructure Projects in the GCC and MENA region. Mr. Bader Al-Humaidhi
Chairman; EEEH Former Finance Minister State of Kuwait. Dr. Issa M. Al-Own MD,
President & CEO; EEEH Former Oil Undersecretary State of Kuwait. COMPANY S
MISSION Leverage our technical and financial resources in order to attain
maximum return on investments for our shareholders, while implementing first
class practices that focus on developing competent skills, and maintaining the
highest values and safety standards. COMPANY S STRENGTHS The Top Management
holds diversified and extensive expertise in the company business lines. Parent
company (Al-Imtiaz Investment) possesses strong and solid financial position,
financial Knowledge, investment expertise & capabilities. Formed strategic
alliances & JVs with top international engineering & oil services companies.
International reach of the group in the regions of interest. TRIPLE e HOLDING
COMPANY Integration and synergies among the subsidiary companies. Qualified to
work in the O & G, Power, Buildings and Infrastructure sectors. Staff possess
highly advanced skills and qualities that meet with international standards.
Apply top tier scheme of pays, incentives & rewards. ISO Certified in the
construction Business. Emtiaz Oil Company (EOC) Sinopec Gulf Petroleum Service
(SGPS) CDI Gulf International (CGI) HOT Engineering and Construction (HOT)
CONTENTS 80 Social Responsibility Towards A More Harmonious Society Activities
Focus on development projects and low risk exploration opportunities Establish
Engineering and Technology Services division that provides Innovative technical
solutions to oil & gas operators Geographical Focus Kuwait. GCC, Middle East,
North Africa including East Europe (opportunistic) Activities Focus on providing
all types of drilling services in collaboration with international drilling
companies as a partners Geographical Focus Kuwait. GCC, Middle East, North
Africa (MENA) Activities Focus on Engineering, Procurement and Construction
(EPC) services including Project Management, in upstream and downstream in
collaboration with an international engineering company Geographical Focus
Kuwait. GCC, Middle East, North Africa (opportunistic) Activities Focus on:
Energy and Oil & Gas, Civil and infrastructure projects Mechanical, Civil and E
& I Maintenance & Construction works Buildings Geographical Focus Kuwait, GCC
Environmental Protection Triple e Holding, P.O. Box 2285, Safat, Kuwait Tel.: +
(965) Fax: + (965) /3 info@triplee.com.kw




14 CONTENTS 94 Expanding Markets With An Eye To The Future 100 Selected Sources



15 01 INTRODUCING SINOPEC CORP. A WORLD PETROCHEMICAL LEADER 29 CHAPTER 01
Introducing SINOPEC CORP. A World Petrochemical Leader 30



16 01 INTRODUCING SINOPEC CORP. A WORLD PETROCHEMICAL LEADER 31 CHAPTER 01
Introducing SINOPEC CORP. A World Petrochemical Leader 32 China s key national
policy initiative is its comprehensive five-year strategy to plan economic and
social development, first introduced in 1953, only four years after the founding
of the People s Republic. The latest blueprint to determine the future of the
world s most populous nation, the 12th Five Year Plan which focuses on 2011 to
2015, will put a particular emphasis on energy resources while at the same time
addressing the growing needs of environmental protection. This is particularly
relevant for Sinopec Corp. - now the largest listed company in China by revenue
and the largest gasoline, diesel, jet fuel and chemical products producers and
distributor in Asia. It is the country s largest refiner and petrochemical
producer, and its second largest crude oil and natural gas producer - and
supplies over 60% of China s oil products. With its headquarters in Beijing,
over the last decade the Sinopec Corp. has undergone tremendous growth and
development, and its parent company Sinopec Group has become the first Chinese
corporation to break into the top ten of the Fortune Global 500, where it is now
ranked 7th. This is a remarkable achievement for the company and the Chinese
petrochemical sector overall which was boosted by the



17 01 INTRODUCING SINOPEC CORP. A WORLD PETROCHEMICAL LEADER country s
acceptance into the World Trade Organization in September This finally allowed
both the country and organizations like Sinopec Corp. to pick up the pace of
bilateral trading potential and overseas investments. Prior to 1949 China s oil
industry was almost nonexistent and in the first year of the People s Republic
of China the nation s processing capacity was a mere 170,000 tons. Indeed even
in the mid 1990s there were some concerns that as China accelerated its economic
growth it might encounter a drop in petroleum production at the beginning of the
21st century. Such fears have not been realized and by 1995 China s oil output
totaled 149 million tons, placing it fifth in the world league table. The sector
also began to develop at a fast rate, largely because the 9th Five Year Plan ( )
set it long-term objectives up to According to the China Petroleum and Chemical
Association, in 2009 China's crude oil output was 190 million tons. Sinopec
Corp. was created by the state-owned China Petrochemical Corporation (the
Sinopec Group) in February 2000, as part of China s overall restructuring of its
energy sector, and currently the parent group retains a 75.84% stake. Its
business agenda was to deal in domestic and international stock exchanges with
integrated upstream, midstream and downstream operations, along with strong oil
and petrochemical core businesses, which were enhanced by an expanding marketing
network. The Sinopec Group was actually incorporated and founded by the Chinese
government in 1998 out of the former China Petrochemical Corporation. It had
itself been established in July 1983 as part of Deng Xiaoping s reform and
opening polices which had kick started the Chinese economic regeneration and
social and urban development in 1978; and which after Deng s fabled Southern
Tour of 1992 really began to have an impact which continues to this day. In that
trail-blazing restructuring in the 1980s the Chinese government put 39 major
refineries, and petrochemical and chemical fiber companies, which had been
operating in an almost laissez-faire fashion, under the umbrella of the new
corporation and introduced a centralized management structure. On October 18th
and 19th respectively in 2000 the Sinopec Corp. was listed in Hong Kong, New
York and London. It floated 2.8 billion A shares on the Shanghai stock exchange
on August 8, The company s profile was thus raised significantly worldwide with
a series of overseas acquisitions. The principal operations of Sinopec Corp. and
its over 80 subsidiaries include: exploring, developing, producing and trading
crude oil and natural gas; processing crude oil into refined oil products;
producing, trading, transporting, distributing and marketing refined oil
products; and producing and distributing chemical products. In the last decade
it has produced 827 million tons of oil products, 45.3 million tons of ethylene
and sold 959 million tons of oil products. The Sinopec Corp. is also heavily
involved in research and the application and development of petroleum technology
along with international trade, technology development, and new energy
development as well as non-fuel businesses. The subsidiaries and branches
include wholly-owned, equity-holding and equity-sharing companies, engaging in
oil and gas exploration and production, refining, chemicals, marketing, R&D and
foreign trade. Business assets and principal markets are located in the east,
south and central parts of China, where China's most developed and dynamic
economy lies. Domestically, Sinopec Corp. is also engaged in major joint venture
projects and partnerships, further developing its productivity and expertise.
Local major projects include the Sichuan-to-East China Gas Project, the Fujian
Refinery & Ethylene project, and the Tianjin and Zhenhai Million Tons Ethylene
Projects. The Chinese government has also approved a feasibility study for a
RMB60.14 billion (US$9 billion) joint Sinopec-Kuwait Petroleum International
refinery in Zhanjiang; and once operational it will be the largest Sino-joint
venture in China. Meanwhile, Sinopec has stressed the importance it places on
supporting social and sustainable development and has introduced a positive
environmental policy for all its operations, both domestically and in its
worldwide operations. In 2009 it cut its CO 2 emissions by 16.3%. The company is
also actively exploring alternative and renewable energy sources.



18 02 A BRIEF HISTORY OF CHINA S OIL AND GAS INDUSTRY 35 CHAPTER 02 A Brief
History of CHINA S OIL And Gas Industry 36



19 02 A BRIEF HISTORY OF CHINA S OIL AND GAS INDUSTRY 37 CHAPTER 02 A Brief
History of CHINA S OIL And Gas Industry 38 Although China was the first country
to discover and use oil and gas - historians record that as early as the fourth
century the Chinese were extracting what is now often termed black gold out of
the ground through bamboo pipes - its oil sector has only realised its proper
potential in the last thirty years or so. Now, in the early years of the 21st
century China s increasingly active role on the world stage has equally
transformed its oil sector. The development of China s contemporary oil industry
can actually be divided into largely five main periods, the first beginning at
the turn of the 1900s and lasting through to1949, with early major discoveries
in the Ordos Basin, particularly the discovery of the Yanchang oil field in In
fact, key players in the global petrochemical industry have been involved in
China since the turn of the 19th century, and even earlier, but it was in the
1980s and 1990s that there was a rush of unprecedented foreign investment. For
example, the mighty Shell organization - with interests in over 100 companies
worldwide - had allocated a total of RMB3.9 billion (US$600 million) to boost
its exploration and production business operations in China from the early 1980s
through to 1997.



20 02 A BRIEF HISTORY OF CHINA S OIL AND GAS INDUSTRY 39 Meanwhile, Mobil had
been trading on and off with China since the late 1880s, initially bringing oil
from the USA for the lamps of China in the infamous kerosene clippers, and Esso
s ties with China stretch back well over 100 years with its claims to have
pioneered the marketing of those kerosene lamps and cooking stoves; and it
opened the first foreign branded service station in Shenzhen in Both companies
now operate in China under the ExxonMobil banner, which is a present day partner
with the Sinopec Corp. After the founding of the People s Republic in 1949 and
through to which can be regarded as the second development period - there was a
pattern of irregular economic growth as the country and the new government made
determined efforts to overturn centuries of feudalism and poverty; yet in
reality despite the difficulties some of these early years were also marked with
important developments in the oil sector. In the 1950s China was determined to
make strong efforts to forge a modern oil and gas industry, including the
neglected offshore sector, although the historic economic and social obstacles
that the new government had inherited were still to an extent ranged against it.
In 1949 the Fuel Industry Ministry had been set up to focus on the management of
China s fuel and energy prospects. Three years later a dedicated sub department
- the Chief Petroleum Administration Bureau - was formed to specifically look
after petroleum exploration and mining. Indeed in April 1950 Beijing was the
location for New China s first oil industry conference. Then in 1955 the
Ministry of Petroleum was created in its own right. This resulted in steady
progress in the country s oil and gas exploration, in particular with the
discovery by Li Siguang in 1959 of the Daqing oil field in Heilongjiang
Province, in northeast China. This field was made famous by one of its early
workers Wang Jinxi who became known as The Iron Man for his hard work and
tireless efforts. By the spring of 1960 more than 40,000 workers had been
drafted in to begin exploiting China s largest oilfield - ranked among the world
s top twenty fields - which has to date produced more than two billion tons of
crude oil, representing about 40% of China s national hydrocarbons output.
Exploration countrywide continued at a fast pace and by 1975 there had been
further finds in the Bohai Bay basin and Qinghai; while from there was also
noticeable growth, boosted in 1991 by discoveries in the Tarim and Junggar
basins, in the Xinjiang Uygur Autonomous Region as well as further developments
in the Ordos basin in northwest China s Inner Mongolia Autonomous Region - today
the location of the country s largest natural gas field. Thus, after a slow
start, China has grown into a significant oil and gas producer although in
relative terms it is still pretty young in comparison to the developed world s
modern exploration and production activities. Until 1964 China imported oil,
then managed to achieve a level of self-sufficiency and later exported oil from
1965 to 1993; but with its energy demands soaring as a result of the fast moving
economic reforms, it began to import oil again from In 1949 China s processing
capacity of crude oil was only 170,000 tons with the annual output of gasoline,
diesel, kerosene and lubricating oil amounting to a meagre 35,000 tons. The
production scale of organic chemical compounds was also small with an annual
output of less than 1,000 tons. By 1959 the country s processing capacity for
crude oil had jumped dramatically to 5.7 million tons but was still relatively
low. The oil industry gained momentum in China during the 1960s, when a number
of oilfields were discovered, including the Shengli Oilfield in Shandong, the
Dagang Oilfield in Tianjin, the Liaohe Oilfield in Liaoning and the North China
Oilfield in Hebei. But it was in 1978, when China once again began to open
itself to the outside world, that the country began a momentous journey to
become one of the world's major oil producers, with that year's output hitting
100 million tons. By the end of 1993 the primary processing capacity of crude
oil had reached 147 million tons, and in 2001 oil production had soared to 160
million tons. By 2007 it had exceeded 186 million tons, ranking fifth in the
world and at the end of 2009 had reached 190 million tons. In 1992 the Chinese
government drew up a clearly defined goal for economic development and called
for the revitalization of the country s petrochemical industry as one of its
most important strategic tasks. According to Mr Sheng Huaren, then General
Manager of the China Petrochemical Corporation (the forerunner to the Sinopec
Group, the Sinopec Corp. s parent), the organization intended to accomplish its
part in this endeavor by the year It was anticipated that by 2010 the progress
achieved would enable both the corporation and China s petrochemical industry
overall to match advanced world standards in terms of both scale and technology.
Few observers would now dispute that China has achieved these targets. Since the
late 1970s China s progress in industrial and urbanization terms has astonished
most of the world with its dynamism; not least in the petrochemical sector which
has seen it join the ranks of the world s top oil producers. In the first ten
years of the 21st century China s oil industry has undergone further enormous
expansion, which has triggered further remarkable advances in the sector,
fulfilling the plans of the government and ambitions of the late Deng Xiaoping.
His challenging policies put China on a path to modernization and social change
that is unparalleled in world history for its pace and levels of achievement.
China s major oil and gas fields are now located in Daqing - the top field which
has over 5 billion tons of proven reserves and whose annual output has surpassed
50 million tons for 25 consecutive years - Shengli, Liaohe, Xinjiang and
Sichuan. It is interesting to note that Su Shulin, the Chairman of Sinopec
Corp., has strong associations with the Daqing oil field. They began when he
received his Bachelor degree from the Daqing Petroleum Institute in 1983 and
continued with a series of high-level appointments throughout the 1990s, and
from 2002 to the end of 2003 when he was Chairman and General Manager of the
Daqing Oilfield Company Limited. Today China is the world's second largest
energy consumer, second only to the United States, according to the US Energy
Information Administration. And China s top five oil companies, with the Sinopec
Corp. among them as a world oil major, have gone from strength to strength in
recent years, particularly as a government sponsored stimulus package introduced
in the wake of the global financial crisis has pushed up energy demand. 40



21 03 GROWTH OF SINOPEC CORP: BUILDING IMAGE, BRANDS AND BUSINESS 41 CHAPTER 03
Growth Of SINOPEC CORP. Building Image, Brands and Business 42



22 03 GROWTH OF SINOPEC CORP: BUILDING IMAGE, BRANDS AND BUSINESS 43 CHAPTER 03
Growth Of SINOPEC CORP. Building Image, Brands and Business 44 When the China
Petroleum & Chemical Corporation (known as the Sinopec Corp.) astounded the
estimates of analysts by posting third quarter net profits of RMB56.4 billion
(US$8.4 billion) in October 2010, the company was justifiably acclaimed by both
the foreign press, such as Bloomberg News and Reuters, and the Chinese media,
such as People s Daily and the Beijing headquartered English language China
Daily, which circulates on the Chinese mainland, including Hong Kong, throughout
Europe, and in America via offices in New York. While a large part of the
developed western world continued to be affected by the global economic
downturn, the financial result figures from Asia s biggest refiner - up 11.5% on
the same period last year - echoed China s overall continued year on year growth
of 9.5%. And analysts polled by Bloomberg predicted a further one percent rise
in net income for Sinopec Corp. by the end of 2010.



23 03 GROWTH OF SINOPEC CORP: BUILDING IMAGE, BRANDS AND BUSINESS 45 While the
Sinopec Corp. is the number one listed company in China by revenue it is also
now highly regarded as one of the world s largest organisations. Ten years ago
its parent company Sinopec Group was listed at a reasonable 58 in the acclaimed
Fortune Top 500 of the world s leading companies, with ExxonMobil standing at
number 3 and Shell in at number 11; the highest ranked companies being General
Motors and Wal-Mart Stores. In 2005 the Sinopec Group rose fast to 31.
Remarkably within five years - by Sinopec Group had reached 7 after entering the
Top Ten at number 9 a year earlier. It is now clearly intent on chasing the
world leaders Shell, now at number 2, and ExxonMobil still at 3rd and BP down to
4th place. Meanwhile Sinopec Corp s Chief Financial Officer Wang Xinhua has
announced that the company s annual spending on its assets in the next two
years, through to the end of 2012, excluding funds for overseas acquisitions,
will reach about RMB120 billion (US$17.9 billion). Wang Aochao, Head of China
Energy Research at the investment consultancy firm UOB-Kay Hian in Shanghai
believes the continuing growth in the Chinese economy will provide strong
support for the consumption of oil products, and says the Sinopec Corp. will
undoubtedly be the biggest beneficiary compared with its worldwide peers. It is
also the largest producer and distributor of chemical products in China, with
its major chemical products including ethylene, synthetic resins, monomers and
polymers for synthetic fiber and synthetic rubbers. By the end of 2009 its
ethylene capacity was 7.1 million tons per year, ranking it fourth in the world.
And the International Energy Agency - the global intergovernmental energy
advisor to nearly 30 countries - says China will have accounted for almost a
third of worldwide oil demand growth by the end of 2010, offsetting stagnant
consumption in developed economies, particularly in Europe. World oil experts
see all of this as a significant part of China s plans to achieve national
energy security. According to Xing Houyuan, an analyst with the Chinese Academy
of International Trade and Economic Cooperation, this is also an important step
in Sinopec Corp. s strategy to become a recognized major player in the
international oil and gas arena. Yet the Sinopec Corp. Chairman Su Shulin is
realistic about how the 2009 global financial crisis and intense market
competition posed severe challenges to the company whilst stressing that it had
adopted a positive approach to the situation. He commented: Despite those
challenges, the company achieved impressive results by taking a series of
proactive measures including vigorous efforts to develop new markets, as well as
making management and structural adjustments. Still on the home front, the
Sinopec Corp. has its eye firmly on the future and its board of directors has
approved a rolling development program through to the end of 2011 when it will
continue to grow the domestic production of crude oil and substantially increase
natural gas production. And then it will begin to operate in line with the
country s 12th Five Year Plan, through to 2015, which has a particular emphasis
on energy matters. All of this growth was kick-started a decade ago when the
Initial Public Offerings on four international stock exchanges enabled Sinopec
Corp. to embark on a significant development programme. It issued billion H
shares on the Hong Kong, New York and London Stock Exchanges on 18th and 19th
October and later floated 2.8 billion A shares on the Shanghai Stock Exchange on
8th August It was also given a boost by the continued strength of the Chinese
economy that throughout the last decade maintained a yearly economic growth
level between 8% and close on 10%, routinely beating the planned annual rate of
7%. Indeed most economists predict that China is well on target to become one of
the world s most dynamic economic powerhouses within the next thirty years or
so. The country is also a key player in a new influential geo-political group -
referred to as BRIC that includes Brazil, Russia and India, which have more than
40% of the world s population. Indeed, Henry Kissinger, the former US Secretary
of State ( ), has commented that the continued impressive rise of China has
already begun to change the center of gravity of world affairs from the Atlantic
to the Pacific. This was the primary driving factor behind the vision of the
late Deng Xiaoping who set China on the road to modernization and growth in 1979
when he first introduced the Opening Up policies. These subsequently led to a
rapid development and investment in urbanization throughout the 1980s and 1990s,
which continues to this day. 46



24 03 GROWTH OF SINOPEC CORP: BUILDING IMAGE, BRANDS AND BUSINESS 47 In 2009,
Sinopec Corp. intensified its exploratory efforts in China, and invested
RMB146.7 billion (US$21.9 billion) in exploration and development projects.
Additional proven geological oil reserves of 285 million tons and additional
proven geological natural gas reserves of billion cubic meters were found in
This was in addition to oil production capacity of 5.7 million tons and
additional natural gas production capacity of 1.4 billion cubic meters. Again in
2009, 42.4 million tons crude oil and 8.5 billion cubic meters of natural gas
were produced, both historically high figures. In the first three quarters of
2010, the company's accumulated capital expenditure amounted to RMB55.8 billion
(US$8.3). Of that, capital expenditure in the exploration and production fields
amounted to RMB25.5 billion (US$3.8 billion). Notable achievements included the
successful completion of the Sichuan-to-Eastern China Gas Project, which went
into commercial operation. Capital expenditure in oil refining amounted to
RMB8.7 billion (US$1.3 billion) with special focus on upgrading oil product
quality. Capital expenditure in chemicals amounted to RMB7.1 billion (US$1
billion), with ethylene projects in Tianjin and Zhenhai commencing commercial
production on schedule. Apart from being China s largest refiner and
petrochemical producer Sinopec Corp. has a 60% share of the country s domestic
oil products market; averaging about 15 million customers a day. It is the
biggest lubricant producer in China and customers include major auto groups like
the Dongfeng Motor Corporation, Shanghai VW, Shanghai GM as well as the Baosteel
Group Corporation, amongst other large corporations of this caliber. In fact,
Sinopec Corp. s famous Great Wall lubricant brand is the number one choice in
China and is also a favorite with the country s space industry, and was used in
the Shenzhou VII craft launched in 2008 and the recent Beidou and Hope
scientific satellites. Since listing the Sinopec Corp. has been gaining a
further edge over its competitors year by year and in 2009 it refined 183
million tons of crude oil, with the compound annual growth rate at 6.4%. And in
the same period the company s total processing capacity reached 210 million
tons, up 12.6% over the previous year. Indeed, over the past decade the
recoverable reserves of oil and natural gas reached 468 million tons and billion
cubic meters respectively. Wang Xinhua Sinopec Corp. s Chief Financial Officer
further explains that the continuous growth and economic gains have been made by
seizing the opportunity to further expand, by optimizing production operations,
exploring growth potential and enhancing efficiency. In a reflective mood on how
the Sinopec Corp. will move forward, Chairman Su Shulin told oil industry
experts at a meeting in Hong Kong that the company takes a cautious stance when
evaluating takeover opportunities. There are a lot of acquisition opportunities,
but there may not be many good ones, he commented. And yet the Sinopec Corp. has
apparently no intention of slowing down its development policies and, for
example, intends to vigorously carry out the integration of its refinery and
petrochemical enterprises in three of China s major regions: the Yangtze River
Delta, the Pearl River Delta, and the Bohai Rim. The next decade of growth
certainly looks as excitingly impressive as the last. 48 The Sinopec Corp. brand
and logo is now well known to commuters and commercial drivers throughout China
as it owns and operates 30,050 service stations nationwide, ranking it second in
the world for the sale of forecourt fuel. Two years ago, in 2008, the marketing
and distribution sector had generated an operating profit of RMB38.2 billion
(US$4.8 billion) an increase of 6.9% over 2007, and that growth also continues.



25 04 THE CORE BUSINESSES AND SUBSIDIARIES 49 CHAPTER 04 CORE BUSINESSES And
Subsidiaries 50



26 04 CORE BUSINESSES AND SUBSIDIARIES 51 CHAPTER 04 CORE BUSINESSES And
Subsidiaries 52 The expansion of Sinopec Corp.'s core business has enjoyed
remarkable progress since the company went public and it is now the world's
second, and Asia's largest, oil refiner with overall capability of 227million
tons per year. In 2009 it actually refined 183 million tons of crude, achieving
something like a compound annual growth rate of 6.4%, while its oil pipeline
installations now span 6,600 kilometers. In terms of its upstream activities
Sinopec Corp. is now the second largest oil and gas producer in China, owning
319 oil blocks covering an area of 964,000 square meters. The principal
operations of Sinopec Corp. and its subsidiaries - numbering over 80 - include:
exploring, developing, producing and trading crude oil and natural gas;
processing crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products; and producing and
distributing chemical products.



27 04 CORE BUSINESSES AND SUBSIDIARIES It has built up the biggest oil product
sales network in China through its 30,050 petrol stations - the second largest
forecourt operator in the world. It boasts a 60% share in the domestic oil
products market, serving an average of 15 million customers per day. It is
continuing to drive forward its oil products sales and has strengthened its
market leader position by building up a loyal customer base, particularly
through its issue of 42 million fueling cards. Indeed, in the last financial
year it earned RMB3 billion (US$450 million) from its petrol station based
convenience stores, its brand name fast food restaurants and 60 automobile
service units. In 2009 it sold 129 million tons of oil related products, which
was an increase of 7.4% over the previous year. The Sinopec Corp. is also the
biggest lubricant producer in China and the fourth largest in the world, with
its goods sold in more than 20 countries across Asia, Africa, Europe and
America. Its first overseas production base was launched in Singapore in 2007
and remains a key center for the company s lubricant operations. The company
began to take the initiative in the lubricants market in 2002 when it founded
the Sinopec Lubricant Company in Beijing. It is located in the Shangdi
Technology Base - part of the world famous Zhongguancun Science and Technology
Area in the north west Haidian district of China s capital. It is the largest
high-tier lubricant manufacturer and marketer in China with a production
capacity of 1.3 million tons of packaged lubricants every year. With a brand
value estimated at over RMB12 billion (US$1.8 billion) Sinopec s Great Wall
lubricant is the number one choice in China and was ranked 54th in the country's
most well known and valuable brand name list in And the company s lubricants are
the first option for many of China s large-scale corporations including FAW-VW,
the Dongfeng Motor Corp., Shanghai GM, Shanghai VW, and the Baosteel Group
Corp., etc. The company has set up specialist Research & Development institutes
in Beijing, Shanghai and Chongqing, and all have approved National Laboratory
certificates, and are able to undertake the highest-level research projects. The
work is of an internationally recognized standard and a wide range of products
have received technology certificates from world famous auto manufacturers such
as Daimler-Chrysler, VW, Mercedes-Benz, and Volvo. In the meantime, the Sinopec
Corp. has set up its Automobile Industry Technology Center with the Sinopec
Lubricant Company, which is its strategic platform for cooperation with the
automobile industry. And in 2009 it established links with China s Sinotruk and
the Shifeng Group, large-scale truck and light vehicles manufacturers and
distributors, which will increase the company s profile and sales. As the global
financial turmoil took its toll of companies worldwide in 2009, undeterred by
such obstacles, the Sinopec Lubricant Company stepped up efforts to form and
consolidate an international overseas marketing network, achieving sales of
14,000 tons. The Sinopec Corp. subsidiaries and branches include wholly-owned,
equity-holding and equity-sharing companies, engaging in oil and gas exploration
and production, refining, chemicals, marketing, research & development and
foreign trade. Business assets and principal markets are located in the east,
south and middle part of China, where China's most developed and dynamic economy
lies. Its subsidiaries include a number of significant oil and gas producers
such as Sinopec Shengli Oilfield in Shandong Province, which by the end of 2009
produced 964 million tons of oil, one fifth of China s total oil production. It
also produced 40.6 billion cubic meters of natural gas. Other important crude
oil and petrochemical bases include the Sinopec Zhongyuan Oilfield, Sinopec
Henan Oilfield, Sinopec Jiangsu Oilfield and the Sinopec Jianghan Oilfield.
Meanwhile, the Sinopec Zhenhai Refining & Chemical Company is one of the company
s flagship enterprises with total crude processing reaching 19.7 million tons in
With Sinopec Corp s refining capacity already ranked second in the world, in
2009 new refining facilities became operational and others restructured in
Fujian, Tianjin, Qingdao and Dongxing. Its refineries are



28 04 CORE BUSINESSES AND SUBSIDIARIES mainly located in China's southeast
coastal area, the middle and lower reaches of the Yangtze River and North China.
Other oil and gas subsidiaries under its control are the Sinopec Northwest
Company, Sinopec Southwest Company, Sinopec North China Company, Sinopec
Southern Exploration Company, Sinopec Northeast Company, Sinopec East China
Company and the Sinopec Shanghai Offshore Oil & Gas Company, amongst others.
Since listing, the profitability of the Sinopec Corp. chemicals sector has
expanded year on year and it is the largest ethylene producer in China - with
eleven production plants - and the fourth largest in the world. Its ethylene
compound annual growth rate is over 13%. It also has 29 synthetic resin plants,
five synthetic rubber plants and six urea plants. The associated Sinopec
Chemical Sales Company is the largest of its kind in China and has finely tuned
the management and marketing of its domestic and foreign trade. The four
regional branches in Beijing, Shanghai, Guangzhou and Wuhan achieved a sales
volume of 30 million tons in Another important element of the Sinopec Corp.
structure is its commitment to major programs of research, and the application
and development of petroleum technology and new energy. It has set up a
comprehensive network of eight research institutions that include the Sinopec
Exploration & Production Research Institute, the Sinopec Research Institute of
Petroleum Processing, the Sinopec Beijing Research Institute of Chemical
Industry, the Sinopec Shanghai Research Institute of Petrochemical Technology,
the Sinopec Qingdao Safety Engineering Institute and the Sinopec Geophysical
Research Institute. The company has invested RMB23.5 billion (US$3.5 billion) in
technology to boost its mainstream operations and has been highly acclaimed for
its achievements in this field, receiving a top national technology and science
award as well as over 40 national technology invention awards; and it has been
recognized for its success with 300 national science and technology progress
awards, as well as being granted over 5,000 patents domestically and over 400
overseas. 56



29 05 MEETING THE DOMESTIC CHALLENGE 57 CHAPTER 05 Meeting The DOMESTIC
Challenge 58



30 05 MEETING THE DOMESTIC CHALLENGE 59 CHAPTER 05 Meeting The DOMESTIC
Challenge 60 As the country s largest producer and supplier of oil and
petrochemical products the Sinopec Corp. intends specifically to increase its
refining capacity by 12 to 15 million tons in the following three years to the
end of 2013, largely to meet rising domestic demand. In 2009, the company s
refined oil output reached 115 million tons; and it intends to expand its
refineries in Shanghai, Yangzi, Jinling, Shijiazhuang, Changling, Maoming and
Anqing. The company had also implemented - or is planning - 60 oil quality
improvement projects at 24 of its refineries. There are significant plans for
oil refining and petrochemical manufacturing bases in various regions including
the Yangtze River Delta, the Bohai Sea Rim region and the Pearl River Delta, and
thirteen 10 million ton refineries are already complete. The refining capacity
of each of the new bases is expected to top 20 million tons, with new ethylene
production capacity reaching two million tons.



31 05 MEETING THE DOMESTIC CHALLENGE 61 In 2009, the Sinopec Corp. intensified
its exploratory efforts in China, and invested RMB146.7 billion (US$22 billion)
in exploration and development activities. Additional proven geological oil
reserves of 285 million tons and proven geological natural gas reserves of
billion cubic meters were found. It had also reached additional oil production
capacity of 5.7 million tons and an additional natural gas production capacity
of 1.38 billion cubic meters was in place. And 42.4 million tons of crude oil
and 8.5 billion cubic meters of natural gas were produced in 2009, both
statistics an historic high. According to the company s Natural Gas Development
Strategy, by the end of 2010 its gas pipeline network will have reached 6,500
kilometers and gas output exceeded 10 billion cubic meters. Energy analysts
estimate that phase one of the company s Liquified Natural Gas (LNG) project
will help to replace 7.5 million tons of coal annually while also reducing CO2
emissions by over 12 million tons a year. This LNG project is in line with the
company s declared objective of accelerating the development of its gas
business, where it expects its natural gas production to exceed 10 billion cubic
meters by the end of The program was advancing rapidly by September 2010, when
the company commenced work on its RMB9.6 billion (US$1.42 billion) liquefied
natural gas (LNG) project in Shandong province, an essential ingredient of the
Sinopec Corp. s plans to expand its gas portfolio in the fast-growing domestic
market. The Qingdao unit is Sinopec's first LNG project in China and is designed
to receive three million tons of LNG, and supply four billion cubic meters of
gas, every year. It expects that the plant will be operational by November It is
also considering a second phase for the project at a later date. In September
(2010) the Sichuan-to-East-China natural gas pipeline - the third to send gas
from China s western regions to the east - was put into commercial operation.
With a trunk line running 1,635 kilometers from Sichuan to Shanghai, through
eight provinces or municipalities, it is able to pump 12 billion cubic meters of
natural gas a year from Sinopec Corp. s Puguang gas field in Sichuan. The
pipeline - with 2,170 kilometers of trunk and feeder lines - can supply gas to
more than 70 cities, equivalent to the annual supply of 14.5 million tons of
coal equivalent clean energy, another of the company s targeted policies in
coming years. The gas from this project will mainly supply Shanghai and the
provinces of Sichuan, Jiangsu and Zhejiang as well as Hubei, Anhui and Jiangxi.
Other projects that were undertaken by the Sinopec Corp. in the last couple of
years include the already operating Fujian 800,000 ton ethylene plant; the
million ton Tianjin ethylene project, along with the Zhenhai ethylene plant
project; and the forthcoming 800,000 ton Wuhan ethylene project. On the other
hand, Sinopec also signed strategic partnership agreements with 23 major Chinese
companies, including Baosteel, China First Heavy Industries, China National
Erzhong Group and the Shenyang Blower Works Group, as well as ten multinational
corporations such as GE. These achievements helped the Sinopec Corp. bring in
high revenues, which was again recognized in September 2010 by the Chinese
Enterprise Confederation linked with the China Enterprise Directors Association
who released their Top 500 Chinese Enterprises chart, the domestic equivalent of
the global Forbes Top 500. For the sixth consecutive year the Sinopec Corp. took
the No. 1 spot with 9- months revenue of RMB1.39 trillion (US$203.6 billion),
ahead of such major Chinese organizations as the State Grid, CNPC, China Mobile,
the China Railway Corporation and the China Railway Group, amongst others. On
the domestic front the Sinopec Corp. has established a formidable reputation
largely thanks to its efficient service systems that cover research and
development, production, distribution and marketing. Over the last decade or so
Sinopec Corp. has expanded vigorously nationwide and now operates 35 refineries
in China with total refining capacity of 229 million tons. It is the largest
refined oil distributor in China with a network consisting of 30,050 gas
stations that has given it a clearly visible profile amongst the increasing
number of road and highway users throughout the nation. And even in the outer
reaches of space, the Sinopec Corp. has stamped its mark. When China s Shenzhou
VII spacecraft was launched in September 2008 the watching world was fascinated
to see that it used the 62



32 05 MEETING THE DOMESTIC CHALLENGE company s Great Wall lubricants products.
It has long been part of the world s folklore that the 3,700 mile (6,000
kilometer) long Great Wall of China is the only man-made construction that can
be seen from space now its name is also famous in space. And in 2009 the company
s Great Wall brand lubricants were used in a series of projects, including the
second Beidou second-generation navigational satellite and the Hope scientific
research satellite - demonstrating once again the top-class quality of its Great
Wall products but also sending the Sinopec Corp. prestige soaring high.
Acquisitions Timeline August 2001: Acquired the National Star Oil Company for
RMB5.2 billion (US$779 million). December 2002: Acquired service stations and
oil depots owned by the China Petrochemical Corporation valued at RMB1.03
billion (US$151 million), by way of asset swap. October 2003: Acquired Maoming
Ethylene from China Petrochemical Corporation for RMB 3.3billion (US$490
million). December 2003: Took over Tahe Petrochemicals and Xi an Petrochemicals
from the China Petrochemical Corporation for RMB356 million (US$53.4 million).
November 2004: Acquired assets including service stations and petrochemical
companies for RMB4.6 billion (US$690 million) from China Petrochemical
Corporation. December 2006: Acquired oil-mining assets from Shengli Petroleum
Administrative Bureau for RMB3.5 billion (US$500 million). December 2007: Took
over five refineries, including Zhanjiang Dongxing, and 63 service stations from
China Petrochemical Corporation for RMB3.7 billion (US$500 million). June 2008:
Acquired oil well operation assets from China Petrochemical Corporation for RMB
1.6 billion (US$240 million). March 2009: Acquired refined oil product pipeline
assets from China Petrochemical Corporation for RMB1.8 billion (US$270 million).
August 2009: Acquired research institutes from China Petrochemical Corporation
for RMB3.9 billion (US$580 million). March 2010: Acquired 27.5% interest in
Angola Block 18 from China Petrochemical Corporation for RMB11.1 billion (US$
1.7 billion).



33 06 AWARDS FOR PERFORMANCE AND OPERATIONS 65 CHAPTER 06 Awards for PERFORMANCE
and Operations 66



34 06 AWARDS FOR PERFORMANCE AND OPERATIONS CHAPTER 06 Awards for PERFORMANCE
and Operations In recent years as a result of the international financial crisis
the Sinopec Corp. - like other globally focused organisations faced significant
challenges and changes in the business environment. It took measures to expand
its market base and to fine-tune its upstream activities, refineries and other
sectors of its integrated operations. These helped the company to maintain its
efficiency. In the ten years since it was first listed the Sinopec Corp. has
consistently achieved good results as indicated by the number of awards that is
has picked up both in the domestic and international arenas.



35 06 AWARDS FOR PERFORMANCE AND OPERATIONS China - Best Investor Relations:
June 2001 Finance Asia. Best Enterprise Website: November IR Magazine. Best
Corporate Governance Among Mainland Chinese Companies: July 2002 Euromoney. Best
Investor Relationship: November IR Magazine. Best Corporate Governance Among
Mainland Chinese Companies: January Asset. One of the 60 Most Influential Brands
of China, awarded by People s Net and China Economic Weekly. Best Managed
Company: Best Corporate Governance Among Chinese Companies: April 2003 both
Finance Asia. The Best Corporate Governance Leader-Type Enterprise award at the
Golden Bee 2009 Outstanding Enterprise Social Responsibility Report conference:
December WTO Economic Tribune. in Emerging Markets: 69 November 2003 Euromoney.
The Most Valuable Listed Company for Investment: December Securities Times and
Merchants Securities. Most Admired Company 2009 in the petroleum and
petrochemical industry, awarded by Fortune Magazine, China Edition. 70 Best
Petrochemicals Company in Asia: January 2004 Euromoney. Sole winner of Special
Award for Light-Restoring Merit: China Lifeline Express Fund. Best Investor
Relations Practice in the oil and natural gas industry in Asia, and the best
overall IR Practice in China, including Hong Kong: July Institutional Children s
Charity Award: All-China Women s Federation. Investor Magazine. Best Investor
Relation and Best Annual Report November IR Magazine Top Ten Best Listed
Companies in China: July Shanghai Securities News and the Soochow Securities
Company. Most Competitive H-Share Listed Company in China 2008: December China
Business Journal and China Economist. Two public welfare initiatives won the
Best Social Practices award: organized by State Assets Supervision and
Administration Commission of the State Council (SASAC). One was for sponsoring
the China Lifeline Express Fund s project to provide free treatment for cataract
patients in disadvantaged areas of China; and the other for contributing to
three agricultural projects in summer harvesting, planting and rural management
practices.



36 07 WORLDWIDE OPERATIONS: THE GOING GLOBAL POLICY DRIVES FORWARD 71 CHAPTER 07
Worldwide Operations: GOING GLOBAL Policy Drives Forward 72



37 07 WORLDWIDE OPERATIONS: THE GOING GLOBAL POLICY DRIVES FORWARD 73 CHAPTER 07
Worldwide Operations: GOING GLOBAL Policy Drives Forward 74 Prior to Sinopec
Corp. s healthy third quarter figures for 2010, Chairman Su Shulin announced the
board s plans to look seriously at projects in politically stable countries that
have high quality oil and gas reserves. He revealed that Sinopec Corp. will seek
more foreign acquisitions, and in particular actively pursue the going global
policy in terms of upstream projects; taking over that role from the parent
company Sinopec Group. Indeed, in March of 2010, Sinopec Corp. had begun the
process of strengthening its upstream assets by taking a 55% stake - valued at
RMB11.1 billion (US$1.7 billion) - in Sonangol Sinopec International (SSI) which
it acquired from Sinopec Overseas Oil & Gas Limited, a wholly-owned subsidiary
of its parent company Sinopec Group. The deal formed the basis for Sinopec Corp.
to acquire future new oil and gas assets. It has every intention of vigorously
following this policy as China s economic development and pace of urbanization
show little sign of slowing down; with growth in the first three quarters of
2010 running at 9.6%, and overall for the year expected to be 9.5%.




38 07 WORLDWIDE OPERATIONS: THE GOING GLOBAL POLICY DRIVES FORWARD From 1989
until 2010, China's average annual GDP growth was 9.3% reaching an historical
high of 14.2% in December of This continuing growth will make it the world's
second-biggest economy after the United States, overtaking Japan in 2011; and
with growth still expected to hover annually around 9% for the foreseeable
future. China s determination to cement its global presence has been a major
foreign policy platform since formally taking its place at the World Trade
Organisation in December 2001, which precipitated a restructuring of its oil
industry and a focus on finding new resources. In December 2009, the Sinopec
Corp. struck its first deal to purchase liquefied natural gas (LNG) from abroad
when it signed a 20-year contract with ExxonMobil s Papua New Guinea project. It
will supply gas to the new RMB9.6 billion (US$1.4 billion) terminal in Shandong
Province that is expected to be operational by 2013, and which will be able to
handle three million tons of LNG imports every year. Certainly China s expansion
in the Middle East is considered essential as a means of helping meet the
burgeoning domestic energy demand that grows year by year. China fully realizes
the importance of stable oil supplies from the region over the next decade and
future deals between the Middle East and China will accelerate investments and
trade. But the real buzz in oil and government circles is the final resolution
of joint Kuwait-China plans for a RMB60.14 billion (US$9 billion) refinery
project in south China s Guanddong Province, which has been on the drawing board
for several years. The Chinese government has given the go ahead for Kuwait
Petroleum International, a subsidiary of Kuwait Petroleum Corporation (KPC), and
Sinopec Corp. to carry out feasibility studies for the complex in Zhanjiang.
Once up and running - anticipated in the project will be the largest
Sino-foreign joint venture in China. In April 2009 Sinopec Corp. and Saudi Basic
Industries Corp (SABIC) opened their new joint RMB18.3 billion (US$2.73 billion)
petrochemical complex in Tianjin, a plant that can produce one million tons of
ethylene annually. Although it is anticipated that Sino-Saudi overall bilateral
trade will soar to a massive RMB400.9 billion (US$60 billion) by 2015, partially
as a result of Premier Wen Jiabao s meeting in Beijing in May 2010 with Saudi
Arabia's Foreign Minister Prince Saud bin al-faisal, it is, of course, energy
that is the core element of the relationship. Chinese Vice Premier Li Keqiang
highlighted the importance of this cooperation during a meeting the same month
in the Chinese capital with the Saudi Minister of Petroleum and Mineral
Resources, Ali Ibrahim Al-Naimi, who was in China to attend a meeting in Tianjin
of the China-Arab Cooperation Forum, comprising 22 Arab states. It is a sign of
the strategic shift in the global economy that Kuwait, Saudi Arabia and the Gulf
s other energy producers are increasingly fuelling the economic colossus that is
China. In the next few decades, the rise of China will shape a new international
power base, shifting from the Atlantic to the Pacific; and the emerging Middle
East-Far East alliance is a key element. Sinopec Corp. Chairman Su Shulin
confirmed this in November 2009 when he told the media: We adhere to the
principle of complementary advantages, long term partnership and mutual
benefits. And we are actively seeking opportunities to cooperate with
multinational companies. As the worldwide trading arm of Sinopec Corp. Sinopec
International exports products to the USA, Canada, Russia, Poland, India,
Brazil, Thailand, South Africa and Middle East countries; many jointly developed
and fabricated by strategic partners and that are widely used in oilfields, the
oil refining and chemical industries. It has maintained an average annual growth
rate of 30% in the last five years or so. Meanwhile, Sinopec Corp. built rigs
are today widely used in the Middle East, Indonesia, America, and other regions
and countries while pipelines are in use in Brazil and the Middle East. To
strengthen its marketing and overall organizational power base, Sinopec
International owns five overseas subsidiaries respectively in the Middle East,
Russia, USA, Europe and Japan, which are responsible for the on-site servicing
of exported equipments and materials. The company has also established long term
cooperation with leading oil companies such as BP, Shell, ExxonMobil and global
engineering companies such as Technip, Aker Kvaerner, Saipam and CBI.



39 08 CORPORATE CULTURE AND GOVERNANCE 77 CHAPTER 08 CORPORATE Culture and
Governance 78



40 08 CORPORATE CULTURE AND GOVERNANCE 79 CHAPTER 08 CORPORATE Culture and
Governance 80 If China had been asked to choose an industrial representative for
taking part in its Green Olympics the Sinopec Corp. would have won gold. The
multinational energy and oil giant made the essence of the environmental
protection term quite literal by turning its exhibition hall on the Olympic
Green in Beijing during the games in 2008 into a monstrous Chia pet, an animal
shaped terracotta model which sprouted green blades of grass. The building s
environ-friendly aura did as much for boosting the Sinopec Corp. s own brand
image as it did for the Olympics. The exterior walls were irrigated to ensure
the long blades of grass remained thick and perfectly green at all times.
Sinopec Corp. added to the theme by covering the walls with large advertisements
using the slogan: Green Olympics, Green Petroleum. The Sinopec Corp. was the
official petrochemical partner of the 2008 Beijing Olympic Games and as well as
sponsoring the event it also provided a range of its products and related
services to ensure the success of what has been hailed worldwide as the finest
Olympic Games in contemporary history.



41 08 CORPORATE CULTURE AND GOVERNANCE And the company didn t confine its
activities to the main arenas, as it also set up a network of over 100 social
volunteers at gas stations throughout Beijing. Their job was to provide basic
medical emergency rescue for domestic and foreign tourists, as well as providing
information about oil related products to customers whilst also promoting
awareness of the Green Olympics among the public. Two years later the Sinopec
Corp. joined forces with the China National Petroleum Corporation and the China
National Offshore Oil Corporation in support of the Shanghai World Expo It
jointly partnered a special oil pavilion with the theme Oil - Extending City
Dreams at the Expo site. The pavilion covered 6,200 square meters and comprised
three exhibition spaces. It was the first corporate pavilion at the Expo to be
completed. chief financial officer - to draw up an internal control system,
which was first implemented in 2003 and two years later went company wide with
its risk management focus, covering 39 business areas including investment,
procurement and sales. Like its worldwide contemporaries Sinopec Corp. is
subject to scrutiny from the international capital markets, shareholders and the
public. It achieves transparency in its financial dealings under the watchful
gaze of a board of directors: a third having independent status. Within the
company structure three management committees - auditing, strategy and
remuneration and evaluation - report directly to the board. In accordance with
the framework of China s corporate governance system the Sinopec Corp. board is
ultimately responsible to an autonomous supervisory committee. 81 The Sinopec
Corp. is also the sponsor of what is currently the largest sporting event in
China, the Chinese Grand Prix, first staged at the Shanghai International Racing
Circuit in It was also the first petroleum company in China to open - in Beijing
- a combined drive-through and fast food restaurant. And closely adhering to
Chinese President Hu Jintao s call for a more harmonious society the Sinopec
Corp. ensured sufficient oil supplies were available to support China s 60th
National Day celebrations in October This spirit of a generous corporate culture
is one of the company s driving forces which it has enthusiastically adopted to
support its overall corporate mission which aims to emphasize its philosophy of
operating as an honest and well regulated transnational energy and chemical
company; but which also encourages its employees, customers and shareholders
alike to acknowledge - and respect - its obligations to China, and the state.
Since listing it has established what it describes as a management model with
Sinopec Corp. Characteristics echoing the words of the late Deng Xiaoping who
declared - in that China s emerging market economy was Socialism with Chinese
Characteristics. Whilst the Sinopec Corp. s Beijing headquarters is naturally
the center of the decision-making process, it encourages its domestic and
overseas branches, and subsidiaries, to participate in management decisions
wherever possible, and to an extent has streamlined its structure to reduce the
levels of interference in local managements while maintaining key control at the
top. Within a short time of going public the Sinopec Corp. set up a team - led
by the chairman, president and Since going public Sinopec Corp.'s performance
has steadily improved, bringing its investors a good return; and over ten years
it has paid an accumulated dividend of RMB104 billion (US$15.6 billion). And the
company has also paid RMB740.2 billion (US$111 billion) in official tax and
duties in the decade since listing. The company s relations with its investors
have won praise from the international financial markets and it has been
described as a pioneer in this field and, according to analysts, triggered a
trend among Chinese companies to enhance their investor communications. It has
met its financing needs through various bond issuance. In 2004 the company
issued RMB3.5 billion (US$500 million) corporate bonds, the first such listed on
the stock exchanges in China. Three years later it issued convertible bonds
valued overseas at RMB10 billion (US$1.5 billion and HKD 11.7 billion), the
largest convertible bond offering in Asia. In 2008, the Sinopec Corp. issued
RMB30 billion (US$4.5 billion) worth of convertible bonds with warrants in
China, the largest refinancing of its kind. Then in 2010 it issued RMB20 billion
(US$3 billion) worth of corporate bonds, the largest bond issuance in the People
s Republic of China to date. In terms of its capital investment operations
Sinopec Corp. has been strict in the way it has practised this; its internal
guidelines, and those of its shareholders and board, regard profits as the
driving factor in such activities while focusing on major tasks it takes as a
priority. Its accumulated capital expenditure since going public has been RMB739
billion (US$111 billion). It has also given priority to obtaining resources and
invested a total of RMB315.4 billion (US$47.3 billion) to increase oil and gas
reserves and production capacity from its wells. 82



42 09 SOCIAL RESPONSIBILITY TOWARDS A MORE HARMONIOUS SOCIETY 83 CHAPTER 09
Social RESPONSIBILITY Towards A More Harmonious Society 84



43 09 SOCIAL RESPONSIBILITY TOWARDS A MORE HARMONIOUS SOCIETY 85 CHAPTER 09
Social RESPONSIBILITY Towards A More Harmonious Society 86 China is a vast
country, covering a huge geographical area of some 9.6 million square
kilometers. The greater part of the land mass is within the temperate zone
between warm and cold and the remainder in subtropical areas which make up
approximately 26%. As a result it is affected by varying demographic, geographic
and climatic factors, which can see the nation hit by unexpected natural
disasters and emergencies. These call for fast and efficient responses and the
Sinopec Corp. has won a good reputation for the way it is always quick to assist
the Chinese nation during these extreme periods. After the destructive Wenchuan
earthquake in Sichuan Province in May 2008, resulting in over 70,000 people
losing their lives, the Sinopec Corp. - and its parent company the Sinopec Group
- drew up an operational emergency plan and within a short space of time had
organized an overall campaign to help earthquake and disaster relief work. It
dispatched resources to the devastated region, and increased the supply of oil
related products to the railway, army and civil aviation industries.



44 09 SOCIAL RESPONSIBILITY TOWARDS A MORE HARMONIOUS SOCIETY 87 Strong efforts
were also made to resume the natural gas production and supply for the local
population. More than 1,000 people took part in the Sinopec Corp. s part of the
relief work with ten emergency response teams in action joined by over 20
medical teams, with the company also donating funds towards the building of
temporary shelter for the thousands made homeless. And the employees of the
Sinopec Corp., and its parent group, raised RMB300 million (US$45 million) in
relief donations. The company also makes valuable contributions to promoting
education for girls in impoverished regions of China; most have been forced to
drop out of school for family economic reasons and might not otherwise get the
opportunity. It is a major supporter of the Spring Bud Project which, since its
formation twenty years ago as part of the China Children and Teenagers Fund
(CCTF), has provided financial assistance to 1.8 million girls in poor areas of
the country to help in their education; and provided practical technical
training to a further 400,000 young girls. The project has raised over RMB800
million (US$120 million) and opened more than 800 Spring Bud schools and the
Sinopec Corp. sees its involvement in this important social welfare project as a
key part of its commitment to furthering the cause of education throughout
China. Since becoming a part of the Spring Bud team in 2004, the Sinopec Corp.
has provided financial assistance for over 30,000 girl students in 26
poverty-stricken counties in Sichuan, Gansu, Guizhou and Hunan provinces to
provide them with an education; as well as providing further funds to build some
40 primary schools in poor areas. In 2009, the company allocated a remarkable
RMB11.9 million (US$1.7 million) towards the high school education of close on
10,000 girl students. The results of this benevolent policy have seen over 3,000
young girls finish high school and some 1,600 enrolled in colleges and
universities. In May the company was presented with the China Children
Philanthropic Donor award from Madam Gu Xiulian, President of CCTF at a ceremony
in the Great Hall of the People in Beijing. The Chinese government had
introduced guidelines for such activities in 2001 as part of a nine year China
Rural Areas Poverty Relief and Development Program through to As a result of its
commitment - and setting up a 32 strong task force to implement its plans - the
Sinopec Corp. was named Best Organisation for Poverty Alleviation by China s
State Council. The company s other community focused activities include a
generous commitment to the Health Express Foundation which features a specially
adapted hospital train that travels throughout poor rural areas offering farmers
in these remote districts free cataract treatment. It has donated RMB80 million
(US$12 million) and helped 15,000 patients, many during a 2010 campaign when the
Health Express - on a dedicated cataract mission of help - traveled to the city
of Mianzhu in Sichuan Province, Kashi in northwest Xinjiang Autonomous Region,
as well as the scenically beautiful Guilin City in Guangxi Zhuang Autonomous
Region. Meanwhile the Lifeline Express is another mobile hospital that consists
of four well-equipped trains carrying veteran ophthalmic doctors and nurses from
Beijing and Hong Kong that travel across China s vast territories throughout the
year to provide free medical services to people in need. In March 2009, the
Sinopec Corp. sponsored the latest of these special trains - to the tune of
RMB30 million (US$4.5 million) - and is the first Chinese enterprise to
exclusively finance a state-of-the-art mobile hospital of this kind. It is able
to reach remote areas in Tibet, Xinjiang, Qinghai, Gansu, Guangxi, Sichuan,
Guizhou, Yunnan, Jilin and Inner Mongolia. Since 2004 the company has donated
about RMB 75.4 million (US$11.3 million) to the Lifeline Express Foundation. In
2009 the Sinopec Corp. s dedicated Lifeline Express cataract removal program was
recognized by the Jilin Municipal Government, a province in the northeast of
China, as one of the top ten charitable events of the year. Then in the November
the China Lifeline Express Foundation presented the company with the Cataract
Elimination Award of the year. 88 As part of its social responsibility policy
for helping alleviate poverty, in 2002 the Sinopec Corp. took over the
responsibility for poverty relief in four of China s poorest counties: Yingshang
and Yuexi in Anhui Province; and Luxi and Fenghuang in Hunan Province further
south, investing over RMB88 million (US$13.2 million) into projects that include
local infrastructure, industrial development, training and education. On the
international stage, since adopting the Going Global policy, the Sinopec Corp.
has established warm relations with the local communities in the 20 or more
countries where it operates. It continues to respect environmental protection
and actively encourages job creation through the education of young people and
personnel training; thus playing a pivotal role in the social and economic
development of its overseas locations.



45 09 SOCIAL RESPONSIBILITY TOWARDS A MORE HARMONIOUS SOCIETY 89 And those
branches and joint venture organizations regularly, and enthusiastically,
involve themselves in charitable activities to benefit local people, and - just
like the Sinopec Corp. s domestic agenda in China - are ready to help with
disaster relief support. In 2009, the company implemented ten such community
development projects in Syria, including the improvement of sewage treatment for
four hospitals and helping to rebuild homes in villages that had been damaged by
a serious flood in It has also given aid to Algeria, Kazakhstan, Indonesia and
Gabon to help people affected by natural disasters. Throughout China, the
Sinopec Corp. works hard to improve the environment in areas where it operates
and in 2009 its oilfield subsidiaries had injected over RMB1 billion (US$150
million) in close on 70 special construction projects, including significant
safety facilities, to demonstrate that it is always keen to meet its obligations
to local communities; and be acknowledged as a caring and responsible company
and employer. For example, the Sinopec Northwest Oilfield Company invested a
total of RMB6 (US$900,000) to help many poverty-stricken areas like Shaya,
Keping and Luntai counties, in the Xinjiang Autonomous Region of the northwest,
to build highways and sink wells to provide local farmers and herdsmen with easy
access to water, as well as providing educational services. In other areas of
its avowed social responsibility contract the Sinopec Corp. began to send aid to
Tibet in 2002 and by the end of 2009 had invested RMB130 million (US$19.5
million) in over 50 infrastructure projects in the region. And the company also
assists many communities to develop their own enterprises, such as the citrus
orchard it promoted in Luxi County in Hunan: and thus, with an expected income
generation of over RMB50 million, (US$7.5 million), helping over 2,000 local
households get out of poverty. These charitable efforts were recognized
nationally in China in September 2009 when a public opinion poll involving
hundreds of millions of people and conducted by Xinhua.net - the state run media
group s online service - saw the Sinopec Corp. win the Outstanding Socially
Responsible Enterprise award for its activities, and for setting an example to
the oil & gas industry, as well as others. 90



46 10 ENVIRONMENTAL PROTECTION 91 CHAPTER 10 Environmental PROTECTION 92



47 10 ENVIRONMENTAL PROTECTION 93 CHAPTER 10 Environmental PROTECTION 94 As the
world is affected by increased pollution and the impact of climatic change,
protection of the environment is one of the key issues that most globally
focused corporations - and certainly those in the oil and gas industry - are
addressing in these early years of the 21st century. The Sinopec Corp. has
actively been promoting environmentally friendly production processes in its
operations and in 2009 invested RMB3.2 billion (US$480 million) in its Go Green
policy; and a total of RMB21 billion (US$3.1billion) has been allocated in
recent years to the research and development of eco-friendly products. In line
with the China s 11th Five Year Plan ( ), the company also reduced its SO2
(sulphur dioxide) emissions, the major cause of air pollution, by 31% in 2009,
and its COD emissions (chemical oxygen demand), the main indicator of water
pollution, by 16.3%; both in advance of the deadline for China s Ministry of
Environmental Protection s earlier edict that the country overall should aim to
reduce such emissions between 2005 and 2010.



48 10 ENVIRONMENTAL PROTECTION Earlier in 2008, the Sinopec Corp. had adopted
the principles enshrined in China s Energy-Saving Act, the State Council s
resolution for strengthening energy conservation throughout China, and its
subsequent issuing of the Comprehensive Energy Conservation Plan. That year the
company s energy consumption per RMB 10,000 (US$1,500) of gross industrial
output fell by 5.2%, compared to the previous year, and the equivalent of 3.2
million tons of coal was saved. An even better performance in environmental
protection was delivered a year later. A significant number of the company s key
operations and subsidiaries - both in China and overseas - achieved
internationally accepted standards of environmental protection in Total
pollutant emissions fell, with the total volume of discharged wastewater reduced
by 3.3%, and SO2 reduced by 14%. In terms of reducing its carbon emissions - and
part of its ongoing campaign to help fight climate change - the company has
invested RMB1.4 billion (US$210 million) in over 300 carbon-reduction projects
which saw it save over 400 tons of coal. And at the Shengli Power Plant -
located in the Sinopec Corp. s Shengli Oilfield in Shandong Province - a new
purification system is expected to reduce carbon dioxide emissions by over
30,000 tons every year. The company also revised its policy Clean Production for
Refineries to further reduce energy consumption and pollutants, and as a result
another three of its affiliated organisations were officially recognized for
their efforts and listed as Clean Production enterprises. And even though the
world financial and banking crisis of 2009 set the Sinopec Corp. - like so many
other organisations - daunting challenges it maintained its efforts to pursue
environmental protection policies, and in the circumstances actually did achieve
quite remarkable results in energy saving and emission reductions. Energy
efficiency projects are a primary element of the Sinopec Corp. s investment in
exploration and development and between 2005 and 2009, RMB14.5 billion (US$2.1
billion) was pumped into such projects company wide. It is also driving forward
its development of coal-seam gas, and has 1.1 billion cubic meters of geological
reserves with an estimated 375 million cubic meters recoverable. Coal seam gas
is an important growth industry in many parts of the world such as Australia,
India and Asia, and particularly in China with its vast coal reserves. It is
acknowledged as a flexible, clean and highly competitive source of energy - and
being predominately methane based has much lower emission rates and carbon
dioxide content - and has the potential to boost economic growth. As another
source of natural gas it can be used in the same way as gas from conventional
wells to power water heaters, stoves and space heaters for both residential and
business consumption, and can be used as a direct source of power for industry
and as fuel for electricity generation in power stations. According to China s
Ministry of Land and Resources, there are more than 1,000 geothermal energy
fields around the country, with only just under a quarter of them developed.
Even so, China s investment in geothermal energy is the largest in the world and
the ministry believes its further introduction could help cut carbon dioxide
emissions by 25 million tons a year. The Sinopec Corp. has set up a specialized
organization for increased exploration and development of coal-seam gas and as
early as 2000 it was also looking into geothermal resources. In 2006 its
subsidiary the Sinopec Xinxing Company began working with Geysir Green Energy of
Iceland to pursue the exploitation and development of such resources. Another
wholly owned Sinopec Corp. subsidiary, the Sinopec Star Petroleum Company, has
also forged an alliance with Geysir Green Energy, through its China operation
Enex China, for the exploration and development of geothermal resources in
northern China's Inner Mongolia autonomous region - the third such project in
China. It is part of the Sinopec Corp. s low-carbon economic growth strategy,
which is being pursued by the joint venture Shaanxi Green Energy Geothermal
Development formed between Enex China and Sinopec Star. One of the largest
geothermal energy companies in Iceland, Geysir is already working on two Chinese
geothermal projects and signed a five-year agreement in 2010 with Sinopec Star
to develop geothermal energy resources in northern China, which apart from
Shaanxi and Hebei provinces takes in the Beijing and Tianjin municipalities.
According to Wang Tao, Chairman of the Chinese National Committee for World
Petroleum Council, the use of green energy is essential to China's energy growth
sustainability and its move to combat climate change.



49 11 EXPANDING MARKETS - WITH AN EYE TO THE FUTURE 97 CHAPTER 11 Expanding
MARKETS With An Eye To The Future 98



50 11 EXPANDING MARKETS - WITH AN EYE TO THE FUTURE 99 CHAPTER 11 Expanding
MARKETS With An Eye To The Future 100 Since the first days of listing a decade
ago the Sinopec Corp. was determined to become a multinational energy and
chemical corporation with a strong competitive edge globally. Many in the oil
industry will argue that it has already achieved that aim - particularly with
parent company Sinopec Group s spectacular rise up to 7th place in the Global
Fortune Top 500 companies. However, the company itself is clearly not going to
rest on its laurels. Its ongoing expansion plans involve speedily scaling up the
Going Global strategy. An essential element of Sinopec Corp s company focus is
to drive forward those global operations, which will give it a solid foundation
for sustainable and ongoing development. To achieve this it has set in place
systems for engaging in interactive international investments and trade
activities as well as nurturing its domestic and overseas refining and
petrochemical partnerships. Already the company has set in motion the procedures
for expansion and in 2009, as well as increasing its capital expenditure to
RMB110 billion (US$16.5 billion), it drew up a three year development plan which
set corporate goals for its future direction, certainly to the end of 2011.



51 11 EXPANDING MARKETS - WITH AN EYE TO THE FUTURE 101 The company went very
public with its worldwide ambitions in October 2009 at its first global
lubricant distributors conference held in Beijing. The event attracted over 100
delegates from more than 30 countries and they were impressed to hear Zhang
Jiahua, Sinopec Corp. s Senior Vice President, explain how the company intended
to gradually shift from trading and export to become an integrated business
model focusing on investment, production, marketing and management, which would
transform the Sinopec Corp. into a truly global business operation. Its strategy
includes: tapping further the exploration potential in east China while
accelerating explorations in the west, and undertaking the fast growth of proved
reserves, as a means of boosting the country s energy requirements. It also
intends to actively pursue more offshore exploration, and with foreign partners
in many instances. This involves constructing overseas refineries and depots and
developing third party trade. Part of the Going Global policy will see an
increased linking up and expanding of its domestic and overseas activities to
gain more market share - as well as growing its non-oil related business. All of
these plans require a marked expansion of sales networks, which the Sinopec
Corp. is already installing. In domestic terms China's natural gas consumption
witnessed an average annual growth of 16% between 2000 and 2009 and natural gas
now accounts for 3.8% of the nation s total energy consumption. According to
Zhang Jiahua, forecasters predict that it is expected to account for 9% of China
s total energy mix by It is essential that China, fueled by its oil and gas
sector, adjusts to the growing demand and establishes a variety of reserves and
resources. Indeed the country now relies on coal for around 70% of its energy
use and is expecting to see rapid growth in the consumption of unconventional
gas including coal bed methane, shale and flammable gas in the next decade. In
fact, according to Zhang Hongtao, Chief Engineer at the Ministry of Land and
Resources, China s consumption of coal bed methane is expected to be 23 billion
cubic meters by 2020, which would account for 0.7% of the national energy mix.
He also told the 2010 China International Energy Forum, that the country s use
of shale gas is expected to hit 15 billion cubic meters by China is currently at
the preliminary stage in the use of these unconventional gases, but intends that
clean energies will become effective substitutes for natural gas. Compared to
the United States which produces 70 billion cubic meters of coal bed methane
annually, China has just started exploiting these resources and combining
unconventional gas with natural gas sits well with the government s plans to use
more clean energy to fuel its economy. This has spurred the Sinopec Corp. to
plan an increase in its annual unconventional gas supplies to achieve 2.5
billion cubic meters by a move in line with the country s overall efforts to
diversify its energy mix. The Sinopec Corp. sees this sector as an important
growth engine for the company s business over the coming five to ten years, and
particularly during the period covered by the 12th Five Year plan, which begins
to start having an impact in The company - which has applied considerable
attention to developing new energy sources - plans to develop coal bed methane
mainly in northern China, and shale gas in the southern part of the country. It
has also held talks with Britain's BP over potential collaboration in the
exploration and development of shale gas in China. Energy experts have advised
that using more advanced foreign technology will help accelerate the pace of
exploitation of China s gas reserves. As the main driver for the organization s
development in a sustainable and harmonious way the Sinopec Corp. board has
already begun to work on its Outline for Corporate Culture Development. It has
undertaken efficiency audits while pursuing the policy of transparency in its
business processes, which is the new mantra for the 21st century worldwide. The
Sinopec Corp. describes these activities in a colourful way as the spirit of
wringing water out of towels. Taking account of the prevailing market conditions
and strategic development goals, Sinopec Corp. expects its capital expenditure
for 2010 to reach approximately RMB 112 billion (US$16.8 billion). Chairman Su
Shulin emphazises that the company is determined to make more efforts in
exploration and development activities to enhance its upstream reserve base. It
will also invest in further optimization of the locations of its refining
capacities, promote structural adjustments, produce high value-added products
and increase their proportion in the refining business. He commented: We will
make every effort to enhance our competitive advantage and improve our
capabilities in expanding markets as well as improving our marketing network. At
the same time the company will continue to invest in technological innovation
conducive to clean energy production as well as in the research and development
of new energies. He stresses that such transformations will pave the way for
Sinopec Corp. s sustainable development into the future. Su Shulin and Sinopec
Corp. s other board directors are convinced that the company will achieve even
greater progress with the support of its shareholders and the concerted efforts
of the Board of Directors, the Board of Supervisors, the management team and all
employees. He added: We will continuously strive to become an internationally
competitive energy and chemical company, and to reward our shareholders,
employees and the whole society with excellent performance from sustainable and
effective growth. 102



52 Celebrating The First Decade SELECTED SOURCES Celebrating The First Decade
China s International Petroleum Policy, Bo Kong (Praeger Security International
2010) Encyclopaedia of New China (Foreign Languages Press, Beijing, 1987) China
Development Challenges in the New Century (The World Bank, 1997) The Chinese
Century, Jonathan Spence and Annping Chin (Harper Collins, 1996) The McKinsey
Quarterly, Serving the New Chinese Consumer (2006) BIBLIOGRAPHY China: The
Economic Challenge of the 21st Century, Lew Baxter (World Economic Congress
1999) China s Third Revolution, Ian G Cook & Geoffrey Murray (Curzon, 2001)
China s Global Strategy, Jenny Clegg (Pluto Press, 2009) China s Oil Industry &
Market, Haijiang Henry Wang (Elsevier, 1999) INSTITUTIONS, PERIODICALS AND
WEBSITES ABOUT SINOPEC CORP. Sinopec Corp. is a Chinese company that has been
listed in Hong Kong, New York, London and Shanghai. The Company is an integrated
energy and chemical company with upstream, midstream and downstream operations.
The principal operations of Sinopec Corp. and its subsidiaries include:
exploring, developing, producing and trading crude oil and natural gas;
processing crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products; and producing and
distributing chemical products. Based on 2009 turnover, Sinopec Corp. is the
largest listed company in China. The Company is one of the largest crude oil and
petrochemical companies in China and Asia. It is also one of the largest
gasoline, diesel and jet fuel and other major chemical products producers and
distributors in the world. Xinhua News Agency Xinhuanet.com Sinopec.com China
Daily People s Daily China Today Beijing Review China Central Television China
Radio International Asia Consulting The China International Publishing Group
China Economic Weekly The Foreign Languages Press - Beijing International Energy
Agency The Global Times Fortune Magazine Ministry of Land and Resources, PRC
Financial Times Forbes Bloomberg News Service Platts New York Times World Oil
Institutional Investors Magazine International Herald Tribune Euromoney The Oil
& Gas Review Offshore magazine UOB-Kay Hian Research China International
Business China Enterprise Confederation Centre for Global Energy Studies China
Economic Review Upstream international oil & gas newspaper PRCgovernment.org
Reuters Ministry of Commerce of the PRC The Economist Oil & Gas Eurasia National
Geographic Resource Investor China.org.cn AllAfrica.com Journal of Energy
Security Brooklands new Media Premier Corporate Publishers ADDRESS: Sinopec
Corp. 22 Chaoyangmen North Street Chaoyang District Beijing, China: Tel: Fax:
jiangx@sinopec.com For additional information about Sinopec Corp. please visit
the company s website at: A Brooklands New Media Publication In Association With
Xinhua News Agency


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