Sinopec,or the China Petroleum and Chemical Corporation (SSE:600028,NYSE:SNP,HKEX:0386) (simplified Chinese:中國(guó)石化,traditional Chinese:中國(guó)石化),is one of the major petroleum companies in China.Sinopec's business includes oil and gas exploration,refining,and marketing; production and sales of petrochemicals,chemical fibers,chemical fertilizers,and other chemical products; storage and pipeline transportation of crude oil and natural gas; import,export and import/export agency business of crude oil,natural gas,refined oil products,petrochemicals,and other chemicals.In 2006,it is ranked 23rd by Fortune Global 500 in 2006,up from its rank of 31 in 2005.[2] In 2005 it ranked first in the Top 500 Enterprises of China ranking.[3]
Since 2004,Sinopec has also been the title sponsors of China's largest sporting event,the Formula One Sinopec Chinese Grand Prix.
In early 2007 Sinopec opened China's first drive-thru petrol station and fast-food restaurant,in the Changping district of Beijing.[4]
In February,2007,Saudi Aramco and Exxon signed a deal with Sinopec to revamp the Fujian oil refinery and triple its capacity to 240,000 barrels per day (38,000 m³/d) by 2009.Aramco,Exxon and Sinopec also signed contracts for a fuel marketing venture that will manage 750 service stations and a network of terminals in Fujian province.