Sinopec
Sinopec (Chinese中国 石化, Pinyin Zhōngguó Shihua, English China Petroleum & Chemical Corporation) is a Chinese natural gas and oil company headquartered in Beijing. The company is listed on the Hang Seng Index.
Sinopec is one of the three largest oil companies in China and is in 2006 at the top of the top 500 companies list of China.
The company is developing natural gas and oil reserves in the world, owns refineries and petrochemical markets its products.
In February 2002 Unipec, a subsidiary of Sinopec signed a contract with the French company Total Gabon. Through this agreement, China bought the first oil from Gabon.
A subsidiary of Sinopec Shanghai Petrochemical, which is listed on the stock index SSE 50.
Sinopec was until 2008 the main sponsor of the Formula 1 race in Shanghai.
Environmental and safety incidents
On 21 December 2006, a leak was formed during a test well of Sinopec Southern Prospecting and Development Branch in Quingxi. 12 380 people were evacuated after the incident had occurred. It took at least three tries and two weeks until the company was able to seal the leak
In 2007, urged the Chinese State Environmental Protection Administration (SEPA ) Sinopec to cease operations at one of its oil fields, as this caused a chronic river pollution. Zhongyuan Oilfields Petrochemical Company, a company owned by Sinopec, reaching demands on wastewater treatment and not had to pay as a result of which a penalty.
Competitors
- PetroChina