Company Overview of Sinopec Corp.

2572 Words11 Pages
Company Overview of Sinopec Corp.

Focusing on its core business of petroleum and petrochemicals, China

Petroleum and Chemical Corporation (Sinopec Corp.) is a publicly

listed company with integrated upstream and downstream operations and

a complete marketing network. The company was set up on February 28,

2000, pursuant to the [Company Law of the People's Republic of China]

and in line with the principle of 'separation of core business from

the ancillary, good assets from the bad, and enterprise functions from

the social', by China Petrochemical Corporation (Sinopec Group) as the

sole sponsor, after the restructuring of its businesses, assets, debts

and creditor's rights, organization and personnel. Following

international models, the company has set up a new, standardized

structure of corporate governance, with centralized decision-making,

delegated authorities in management, and business operations handled

by specialized business units. Sinopec Corp. has more than 70

subsidiaries, either wholly owned, or with equity participation,

including majority controlled, in exploration and production,

refining, chemicals, marketing, research and foreign trade. Most of

the Company's assets and principal market is situated along China's

most developed eastern, southern and central areas. Sinopec Corp.

sticks to the philosophy of open and competition, the business

strategy of expanding resources and market, cutting cost and improving

profitability, as well as exercising prudent investment. To maximize

profits and deliver superior shareholder return is the Company's

guiding objective and the operating mechanism is market-oriented

externally...

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...shall also stick to the existing strategy, and as

breakthrough, improve corporate governance, carry out in-depth reform

on its management system and operational mechanism, speed up rational

procedures to the business portfolio and industrial layout, thus

improving the quality and speed up the pace of the Company¡¯s business

expansion, to realize effective growth.

6. REFERENCES

Cooper, C. L. (1998) Theories of Organizational Stress, New York

Schermerhorn, Jr. J.R., Hunt, J.G., Osborn, R.N. (2002) Core concepts

of Organizational Behavior, London: Routledge

Spears,L.C.,(1998) Insight on leadership: service, stewardship,

spirit, and servant-leadership, Canada

Iiris Aaltio and Mills, A.J. (2002) Gender, Identity and The Culture

of Organizations, London: Routledge

www.sinopec.com.cn

www.hongen.com

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