3 - Sinopec Group

Chinese workers install pipes for a hydraulic fracturing operation at the 1-2HF shale gas well of the Sinopec Fuling Shale Gas Project in Chongqing, China, 15 October 2013. ABB, a leading power and automation technology group, will work to support production in the Sinopec Fuling Shale Gas Project, according to an announcement on Thursday (13 November 2014). ABB announced a deal with China Petroleum and Chemical Corporation (Sinopec) to provide automation and engineering services for Phase I of Sinopec's Shale Gas Project in Jiaoshiba Block in Fuling, Chongqing, over the next three years. A type of unconventional natural gas trapped in a free or adsorbed state in shale or mud-stone formations, shale gas is mainly composed of methane. It is considered a type of clean and new energy resource. According to the "Shale Gas Development Plan" released by the Chinese government in 2012, China will actively promote the development and use of unconventional oil and gas resources, including shale gas. The Fuling field, discovered in 2012, has reserves of 2.1 trillion cubic meters of shale gas, according to Sinopec. Hu qingming—Imaginechina/AP

The state-owned Chinese oil and gas company is based on the former China Petrochemical Corporation and reigns as the third-largest chemical producer by sales since 2014. Established in 1998, Sinopec explores everything energy-related from the more traditional oil and coal to electricity and steam. The company has been expanding, securing contracts with the Mongolian Petro Matad and an EPC contract in Russia, and has not been free from scandal. Wang Tianpu, president of Sinopec from 2003 to 2014, faced jail time in January for accepting bribes and embezzling state properties during his time at the company.

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Key Metrics & Financials (Last Fiscal Year)

Revenues ($M)$267518
Revenue Percent Change-9.1%
Profits ($M)$1,257.9
Assets ($M)$310726
Profits Percent Change-65.0%
Previous Rank4

Company Facts

IndustryPetroleum Refining
CEOWang Yupu
HQ LocationBeijing, China
Years on Global 500 List19

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