By 2014 Sinopec had grown to become the third largest multinational corporations in the world measured by revenue and ranked in the Fortune Global 500 list.
Reports say Sinopec, also called China Petroleum & Chemical, is getting about 50,000 barrels a day. The goal is focused on continued growth, too: to get to 135,000 barrels per day.
Sinopec dates back to the Soviet-style state ministry monopolies of the 1950s, the Ministry of Petroleum Industry and Ministry of Chemical Industry.
Sinopec was established as The China National Petrochemical Corporation in 1983 to build and operate China’s refining capacity downstream and petrochemical production. Sinopec took over 90% of China’s refinery from various government ministries and local government.
Sinopec Corp was established in February 200o, with Sinopec as its sole shareholder before the overseas stock listing in October 2000. Sinopec Corp took the main usp0tstrem, refining, and petrochemical business form the parent company Sinopec.
Sinopec was the first Chinese oil company to undertake (partnership with BP) deep-water exploration off Angola and is exploring for gas in Saudi Arabia.
In 2009 Sinopec’s acquired Swiss-based oil exploration company Addax Petroleum for $8.27 billion Canadian dollars was the largest cross border takeover of a foreign firm by a Chinese company.
Addax is one of the world’s largest independent oil producers in West Africa and the Middle East on the basis of volume.