In China, the business groups owned by the state control more than 80% of China’s economy in terms of strategic asset seeking, market sales, employment, and resources. In recent years, the Chinese government has encouraged the development of private sectors but they do not have much power over the state-owned. The groups not owned by the state accounts for nearly one-half of the largest business groups in China. Their sales revenue, resources, assets, and employment are less than one fifth.
China Petroleum &. Chemical Corporation or Sinopec is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations based on its legacy asset base. Sinopec Group is a strong oil &. petrochemical core businesses and a complete marketing network.
By last year, Sinopec was the largest company in revenue collection worldwide and the second-largest chemical producing company. The businesses of Sinopec include exploration in oil and gas, refinery, marketing, production and sales of petrochemicals, chemical fertilizers, chemical fibers, and other chemical products. It also offers storage and pipeline transportation of crude oil and natural gas, importing and exporting crude oil, natural gas, petrochemicals, and refined oil products and has applied integrated research and application of technology and information in production.
Sinopec Group has established a consistent corporate governance structure and adopted a centralized decision-making management system, has delegated authorities at different levels with operations handled by specialized business units. . It is composed of more than a hundred auxiliaries and branches including equity-holding and equity-sharing companies that are wholly-owned that are engaged in exploring and producing