China 2015: BRAND PROFILE | 7. Sinopec
COMPANY China Petroleum & Chemical Corporation
BRAND VALUE US$ 15.5 Billion
YEAR-ON-YEAR CHANGE 18%
INDUSTRY Oil and Gas
YEAR FORMED 2000
In an effort to develop growth potential outside its petrochemical core business, Sinopec partnered with Tencent, the online portal, to explore opportunities such as online payment and cross marketing.
The company also entered an arrangement with S.F. Express to use Sinopec retail locations as package pick-up and drop- off locations. Sinopec operates China’s largest network of service stations, with over 30,000.
Meanwhile, sales of premium petroleum products, such as gasoline and jet fuel, drove operating profit in the first half of 2014, despite a revenue decline because of weakened demand in China and abroad, a result of slower economic growth.
Net income increased 4 percent to $5.1 billion on revenue of $204.7 billion, a 9 percent decline, in the first half of 2014. For the full year 2013, net income increased 6 percent to $10.8 billion on a 6 percent revenue rise to $460.9 billion. China Petroleum & Chemical Corporation, or Sinopec, an SOE (State Owned Enterprise), is listed on the Hong Kong, London, New York and Shanghai Stock Exchanges.