Sinopec (China Petroleum & Chemical Corporation) operates approximately 270–280 million tonnes per annum (MTA) of refining capacity — more than any other company on the planet. With revenue of approximately RMB 3.2 trillion (~$445bn USD) in 2023 and operations spanning refining, petrochemicals, retail fuels, and LNG, Sinopec downstream refining defines the scale at which Chinese state energy operates.
Company Overview
China Petroleum & Chemical Corporation was restructured into its current form in 2000, consolidating the downstream and chemical assets of the former China Petrochemical Corporation. Headquartered in Beijing, Sinopec is majority owned by Sinopec Group (China Petrochemical Corporation), a state-owned enterprise under the direct supervision of China’s State-owned Assets Supervision and Administration Commission (SASAC). The remainder of shares are publicly listed on the Shanghai Stock Exchange (SH: 600028), the Hong Kong Stock Exchange (HK: 0386), and the New York Stock Exchange (NYSE: SNP).
Sinopec’s core business is downstream — refining crude oil into fuels and feedstocks, manufacturing petrochemicals, and distributing products through the largest retail fuel network in Asia. It ranks consistently among the top five companies globally by revenue and is the world’s largest refiner by throughput capacity.
Sinopec Downstream Refining: Network & Key Assets
Sinopec operates more than 30 refineries across China, concentrated in coastal and industrial provinces. The flagship asset is Zhenhai Refining & Chemical in Ningbo, Zhejiang province, with a nameplate capacity of approximately 23 MTA — one of the largest single refinery complexes in the world. Other major sites include Maoming, Guangzhou, Jinling (Nanjing), and Yanshan (Beijing).
Each refinery complex maintains significant crude oil and product storage infrastructure, supporting both operational buffer stock and participation in China’s Strategic Petroleum Reserve (SPR) programme. Sinopec is one of the primary operators of SPR facilities on behalf of the Chinese state, giving it a direct role in national energy security storage policy. Readers tracking the global storage landscape can benchmark Sinopec’s scale against the top oil storage companies worldwide.
Crude throughput is sourced through Unipec, Sinopec’s international trading arm and one of the world’s largest crude oil purchasers by volume. Unipec sources across the Middle East, West Africa, Russia, and Latin America, giving Sinopec a globally diversified crude slate managed through long-term term contracts and spot market activity.
Petrochemicals & Retail Operations
Sinopec is China’s largest petrochemical producer. Refinery integration feeds cracker and derivative units producing ethylene, polyethylene, polypropylene, purified terephthalic acid (PTA), and synthetic fibres. This vertical integration from crude to finished polymer reduces feedstock cost exposure and supports margins across the chemical chain.
On the retail side, Sinopec operates more than 30,000 petrol stations across China — the largest retail fuel network in Asia by site count. The network includes convenience stores, EV charging points, and LNG refuelling infrastructure as the company adapts its downstream footprint to shifting transport fuel demand. For context on where Sinopec sits relative to peers, see our ranking of the top 10 downstream oil and gas companies globally.
2026 Strategy & Low-Carbon Transition
Sinopec has set a target to reach carbon neutrality by 2050 and is investing materially in low-carbon refining pathways. Green hydrogen is the primary technology bet — Sinopec is the largest hydrogen producer in China and is scaling electrolytic green hydrogen capacity at refinery sites to replace grey hydrogen in hydroprocessing units.
Carbon capture, utilisation, and storage (CCUS) projects are under development at several refinery complexes, with pilot-scale injection operations already running at Shengli oilfield in Shandong. On the gas side, Sinopec Gas is expanding LNG import and distribution capacity. The Tianjin Nangang LNG receiving terminal is a key asset, with regasification capacity supporting gas distribution across northern China’s industrial corridor.
In refining, the 2026 strategy centres on maximising chemicals yield from each barrel — shifting product slates away from transport fuels toward higher-value petrochemical feedstocks as Chinese road fuel demand plateaus.
Sinopec in the Global Market
By refining throughput, Sinopec downstream refining capacity exceeds that of ExxonMobil, Shell, and TotalEnergies individually. The closest comparable is Saudi Aramco, whose refining footprint including joint ventures approaches similar scale but with a different product mix orientation. The comparison with Western majors is instructive: Sinopec processes more crude but generates lower downstream margin per barrel due to state-directed pricing constraints on domestic fuel retail.
Sinopec Engineering Group (SEG) is a subsidiary EPC contractor active in tank and terminal construction projects globally — including LNG receiving terminals, refinery storage, and chemical plant construction. SEG positions Sinopec as both an operator and a builder of energy infrastructure, which differentiates it from Western majors focused purely on operations. For a full picture of the refining sector’s largest assets, see our guide to the largest refineries by capacity globally.
Company Snapshot
| Founded | 2000 (restructured from China Petrochemical Corporation) |
|---|---|
| Headquarters | Beijing, China |
| Ownership | Majority state-owned via Sinopec Group / SASAC; remainder publicly listed |
| Stock Listing | Shanghai (600028), Hong Kong (0386), NYSE (SNP) |
| Refining Capacity | ~270–280 MTA (world’s largest by throughput) |
| Revenue (2023) | ~RMB 3.2 trillion (~$445bn USD) |
| Retail Stations | 30,000+ across China |
| Key Subsidiaries | Unipec (trading), Sinopec Gas, Sinopec Engineering Group (SEG) |
Full financial disclosures and annual reports are available via Sinopec’s investor relations portal.
What does Sinopec specialise in?
Sinopec (China Petroleum & Chemical Corporation) specialises in crude oil refining, petrochemicals manufacturing, retail fuel distribution, and LNG import and distribution. It is the world’s largest refiner by throughput capacity and one of China’s dominant energy state-owned enterprises.
How large is Sinopec’s refining capacity?
Sinopec operates approximately 270–280 million tonnes per annum (MTA) of refining capacity across more than 30 refineries in China. Its flagship facility, Zhenhai Refining & Chemical in Ningbo, has a capacity of approximately 23 MTA — one of the largest single refinery complexes in the world.
Where are Sinopec’s main refineries located?
All of Sinopec’s major refineries are located in China, concentrated in coastal and industrial provinces including Zhejiang (Zhenhai/Ningbo), Guangdong (Maoming, Guangzhou), Jiangsu (Jinling/Nanjing), and Beijing (Yanshan). Each complex includes substantial crude and product storage infrastructure.
What is Sinopec working on in 2026?
Sinopec’s 2026 strategy focuses on green hydrogen production at refinery sites, CCUS projects including pilot injection at Shengli oilfield, LNG terminal expansion through Sinopec Gas (including Tianjin Nangang), and shifting refinery product slates toward higher-value petrochemical feedstocks as Chinese transport fuel demand plateaus.
Who owns Sinopec?
Sinopec is majority owned by Sinopec Group (China Petrochemical Corporation), a state-owned enterprise supervised by SASAC. The remainder of shares are publicly listed on the Shanghai Stock Exchange (SH: 600028), Hong Kong Stock Exchange (HK: 0386), and New York Stock Exchange (NYSE: SNP).