China Petroleum & Chemical Corporation, an energy and chemical company, engages in the oil and gas and chemical operations in Mainland China. It operates through Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others segments. The company explores and develops oil fields; produces and sells crude oil and natural gas; processes, purifies, imports, and trades in crude oil; manufactures, produces, sells, stores, and trades in petroleum products; owns and operates oil depots and service stations; and produces, markets, distributes, and sells refined petroleum products, including gasoline and diesel. It also manufactures, sells, markets, and distributes petrochemicals and derivative petrochemical products, and other chemical products, such as basic organic chemicals, synthetic resins, synthetic fiber monomers and polymers, synthetic fibers, synthetic rubber, and chemical fertilizers. In addition, the company explores, produces, and sells petroleum and natural gas; produces, stores, transports, and sells petrochemical and coal chemical products; produces and sells catalyst products, lubricant base oil, polyester chips and fibers, plastics, and petrochemical materials; and offers crude oil jetty and natural gas pipeline transmission services. Further, it engages in the production, sale, research, and development of ethylene and downstream byproducts; import and export of petroleum, natural gas, petroleum products, petrochemical, other chemical products, and other commodities and technologies; research, development, and application of technologies and information; hydrogen energy business and related services, such as hydrogen production, storage, transportation, and sales; and battery charging and swapping, solar energy, wind energy, and other new energy business and related services. The company was incorporated in 2000 and is based in Beijing, China. China Petroleum & Chemical Corporation operates as a subsidiary of China Petrochemical Corporation.
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Energy Transition & Power Demand
Sinopec chairman launches overhaul to revive world's largest refiner
Sinopec Chairman Hou Qijun has launched a sweeping overhaul of the world's largest oil refiner as it confronts falling fuel demand, petrochemical overcapacity, and oil-supply disruptions from the Iran war. Appointed a year ago, Hou has reorganized the company into four profit centers covering oil, gas and new energy, refining and chemicals, finance and strategic new business, and global trading with marketing, and he outlined the plan in unusually blunt language in a July SASAC magazine article. Sinopec reported a 19% rise in first-half 2026 net profit on Sunday, but its fuel sales have dropped to 2017 levels and it faces an uphill battle to maintain domestic market share. Hou said at an earnings briefing that half of new cars no longer need fuel, so the company must shift to chemical materials and new energy, and it plans to allocate about 20% of capital spending, or more than 30 billion yuan a year, to new energy and new materials from 2026 to 2030. He also targeted completion of more than 30 projects by 2030, including shale oil, sustainable aviation fuel, and refining cost cuts, while facing fierce competition from Wanhua Chemical and Satellite Chemical in higher-value petrochemicals.
Sinopec first-half profit rises 11.9% to RMB 26.567 billion
China Petroleum & Chemical Corporation reported first-half 2026 profit attributable to shareholders of RMB 26.567 billion, up 11.9% year-on-year, with total revenue rising 2.0% to RMB 1.44 trillion. The company declared an interim cash dividend of RMB 0.105 per share and commenced a new round of share repurchases. Oil and gas output reached approximately 263 million barrels of oil equivalent, up 0.3%, while refinery throughput was 113 million tonnes and total refined oil products sales were 101 million tonnes. The refining segment's operating profit surged 381.5% to RMB 17.0 billion, but the marketing and distribution segment's operating profit fell 28.6% to RMB 5.7 billion, and the chemicals segment narrowed its operating loss to RMB 0.2 billion from RMB 4.2 billion a year earlier.
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Oil Declines With US Economic Isolation Plan for Iran in Focus
Oil dropped after two weeks of gains, with the market waiting to see the US economic isolation plan for Iran due to be released later Monday. Brent fell to around $93 a barrel, after adding around 13% over the past two weeks, while West Texas Intermediate was near $86. Treasury Secretary Scott Bessent is set to unveil details of the plan in a press conference, and sought to ratchet up pressure on US allies to join the effort in an interview with CNBC. Oil has rallied more than 50% this year, with the US-Iran war now in its sixth month choking global supplies of crude and refined products. China's top refiner Sinopec said gasoline consumption fell almost 8% and diesel use 12% in the first half of the year because of high prices and increased use of electric vehicles.
Multiple Shanghai and Shenzhen Listed Companies Disclose Half-Year Reports; China Tungsten and Hightech Net Profit Up 280%
On the evening of August 23, several listed companies on the Shanghai and Shenzhen stock exchanges released announcements. China Tungsten and Hightech disclosed its half-year report, with operating revenue of 16.385 billion yuan in the first half of 2026, up 108.51 percent year on year, and net profit attributable to shareholders of the listed company of 2.076 billion yuan, up 280.53 percent. China Petroleum and Chemical Corporation, or Sinopec, reported total operating revenue of 1.436561 trillion yuan in the first half, up 2 percent, and net profit of 25.627 billion yuan, up 19.3 percent, and plans to distribute a cash dividend of 1.05 yuan per 10 shares. Jiayuan Technology will suspend trading for one day starting August 24 because it received an advance notice of administrative penalty from the China Securities Regulatory Commission, and will resume trading on August 25 with other risk warnings implemented, with its stock abbreviation changed to ST Jiayuan. In addition, Huigu New Materials plans to use 225 million yuan of over-raised funds to invest in the first phase of the Zhuhai Huigu functional materials construction project, with a total estimated investment of 450 million yuan. Huitong Technology won the bid for the fifth section of Xinlun Chemical Fiber's annual production of 300,000 tons of polyester chemical fiber project, with a winning bid price of 366 million yuan.
Sinopec Commissions 50,000-Ton Specialty PVA Facility in Chongqing
Sinopec has commissioned a specialty polyvinyl alcohol resin facility with an annual production capacity of 50,000 metric tons at its subsidiary Chongqing SVW Chemical, bringing the site's total PVA capacity to 210,000 metric tons per year and making it the world's largest single-site production base for high-end PVA. The facility achieved stable operation during initial startup, produced on-spec products, and has already shipped its first batch to Europe. The new capacity will strengthen supply of specialty materials for photovoltaics, electronics, optical films, and pharmaceuticals. The project was completed in 17 months with 1.98 million safe working hours, and a new polymerization process increased production capacity by 40 percent compared with earlier-generation equipment. SVW Chemical now offers more than 100 PVA grades and exports over 70 products to more than 40 countries.
Sinopec Repurchases 87.29 Million A-Shares in Current Round, Paying 414 Million Yuan
Sinopec announced that in July 2026, it repurchased 33.49996 million A-shares through centralized competitive trading, paying 164 million yuan. As of July 31, 2026, the company has cumulatively repurchased 87.29065 million A-shares in the current round, accounting for 0.07% of total share capital, with a total payment of 414 million yuan.
China rushes to buy Russian ESPO crude amid Middle East crisis, discount shrinks to one dollar
Chinese refineries are snapping up Russian ESPO crude faster than usual, amid concerns that the conflict in the Middle East could disrupt oil exports from the Persian Gulf. As a result, ESPO crude for August delivery from the port of Kozmino has already sold out, and several cargoes for September delivery have also been snapped up. The discount for ESPO crude against ICE Brent futures has narrowed to just about one US dollar per barrel, down from three to four dollars per barrel two weeks ago. Emma Li, China market analyst at Vortexa, said that major Chinese oil companies, led by Unipec, the trading arm of Sinopec, have been accelerating purchases of ESPO crude since July, and the unrest in the Middle East has further spurred buying for August and September deliveries. Data from Kpler shows that China's seaborne imports of Russian crude in July are on track to hit the highest level since March, with China importing about 1.4 million barrels per day of Russian crude this month.
Sinopec's oil and gas output up 0.3% in first half, crude processing down 5.6%
China Petroleum and Chemical Corporation, or Sinopec, saw its oil and gas production rise 0.3 percent year-on-year in the first half of this year, while crude processing volumes fell 5.6 percent. According to data released by the company, oil and gas output reached 235 million barrels of oil equivalent in the January-to-June period, with crude processing at about 4.8 million barrels per day. Natural gas production increased, but crude oil output edged lower. The decline in crude processing reflects sluggish domestic demand and shrinking refining margins.
China shares may extend losses as Shanghai Composite sits below 3,340
China's stock market may open under pressure on Thursday after the Shanghai Composite Index slipped 0.02 percent to 3,339.93, marking its fifth straight session of declines. The Shenzhen Composite Index dipped 0.28 percent to 1,965.45. Among major movers, PetroChina spiked 2.08 percent and Sinopec jumped 1.94 percent, while Huaneng Power tanked 2.69 percent. The soft lead from Wall Street, where the Dow dropped 0.58 percent, and lingering uncertainty over U.S. trade policies are expected to weigh on Asian markets.
Multiple central SOEs disclose shareholding increase and buyback plans; Chalco gets up to 2 billion yuan boost from controlling shareholder
On the morning of July 20, several listed central state-owned enterprises including Chalco, CRRC, and China Coal Energy announced shareholding increase plans by their controlling shareholders, while NARI Technology and Sinopec disclosed buyback plans or progress. Chalco's controlling shareholder Chinalco and its concert parties plan to increase their holdings of the company's A-shares and H-shares by 1 billion to 2 billion yuan, with the number of shares not exceeding 2% of total share capital, over a 12-month period. CRRC's controlling shareholder CRRC Group plans to increase its holdings by 150 million to 300 million yuan within the next six months, with no price range set. China Coal Energy's controlling shareholder China Coal Group plans to increase its holdings by 50 million to 100 million yuan. NARI Technology's chairman proposed a buyback of 500 million to 1 billion yuan worth of shares for equity incentives or registered capital reduction. Sinopec disclosed buyback progress, having repurchased a cumulative 77.9 million A-shares as of July 17, 2026, for a total of 365 million yuan, under a buyback plan totaling 500 million to 1 billion yuan. Several companies have recently reported improving performance. Chalco expects first-half net profit of 11.2 billion to 12.2 billion yuan, up 58% to 73% year-on-year, a record high for the period. China Shenhua Energy expects first-half net profit of 26.3 billion to 29.8 billion yuan, up 6.9% to 21.1% year-on-year.
Naphtha Market to Reach USD 381.58 Billion by 2035
The global naphtha market is projected to grow from USD 235.07 billion in 2025 to USD 381.58 billion by 2035, at a compound annual growth rate of 4.96 percent. Heavy naphtha held the largest revenue share at 61.4 percent in 2025, driven by its high olefin yields in steam crackers, while petrochemicals accounted for 54.7 percent of revenue due to demand for ethylene and propylene. Asia Pacific led the market in 2025, with China representing 44.3 percent of regional revenues, supported by integrated refinery-petrochemical plants from Sinopec, PetroChina, Hengli, and Rongsheng. In 2025, Sinopec started operations at a 1.4 million metric ton per year naphtha-fed steam cracker at Zhenhai Refining & Chemical, the largest single-train addition in China's history. The United States naphtha market was valued at USD 30.83 billion in 2025 and is expected to reach USD 46.87 billion by 2035, while Europe's market is forecast to grow from USD 60.45 billion to USD 98.03 billion over the same period.
Sinopec Receives CSR Award at Sino-European ESG Conference in Germany
China Petroleum & Chemical Corp., or Sinopec, has received the Corporate Social Responsibility Best Practice Award at the 3rd Sino-European Corporate ESG Best Practice Conference in Mainz, Germany, for its case study on carbon footprint management and low-carbon development. The conference jury noted that Sinopec has developed a carbon management framework covering the full product life cycle and aligning with both Chinese and European standards. It highlighted the company's collaboration with German chemical producer BASF to achieve mutual recognition of carbon footprint accounting methodologies as a milestone for greener international supply chain cooperation. Sinopec's efforts span green energy supply, low-carbon technology development, and supply chain carbon assessment, providing a practical example of ESG implementation in the global energy and chemicals sector. A Sinopec representative delivered a keynote speech emphasizing that green and low-carbon development is a shared global objective and that the conference serves as an open platform for Chinese and European companies to strengthen dialogue on ESG and sustainable development.