China Petrochemical Corporation (the Company) was established in July 1998 on the basis of the former China Petrochemical Corporation, a move by the central government to strategically restructure the petroleum and petrochemical industry. It was further incorporated as a limited liability corporation in August 2018. A super large petroleum and petrochemical group, the Company has a registered capital of 326.5 billion yuan with the chairman of the board of Sinopec Group serving as its legal representative. Headquartered in Beijing, it exercises the investor’s rights to the related state assets owned by its full subsidiaries, controlled companies and share-holding companies, including receiving returns on assets, making major decisions and appointing managers. It operates, manages and supervises state assets according to related laws, and shoulders the corresponding responsibility of maintaining and increasing the value of state assets.
