China Petroleum and Chemical Corporation (hereinafter referred to as "Sinopec") is the largest shareholder of Sinopec, a subsidiary of China Petroleum and Chemical Corporation, established solely by the state. Sinopec was established in July 1998, in accordance with the deployment of the Central Committee of the Communist Party of China to implement strategic restructuring of the petroleum and petrochemical industry. It was restructured on the basis of the original China Petroleum and Chemical Corporation and is a state-owned company funded by the state State authorized investment institutions and state holding companies, Sinopec, are a joint-stock enterprise that integrates upstream, midstream, and downstream industries, has a prominent petroleum and petrochemical industry, has a relatively complete sales network, and is listed both domestically and internationally. Sinopec is a joint-stock enterprise established on February 25, 2000 by China National Petroleum and Chemical Corporation in accordance with the Company Law of the People's Republic of China. The company fully utilizes the unique political advantages of state-owned enterprises and firmly becomes a strong defender of national economic and energy security.
