Upholding key directives, embracing the mission—Four decades of perseverance and new beginnings

"The petrochemical industry is an important pillar of the national economy. I hope you will align with the Central Committee of the Communist Party of China's (CPC) vision for new industrialization, uphold the principles of green and intelligent development, work hard to achieve solid progress, and make new contributions to ensuring national energy security and advancing the high-quality development of the petrochemical industry".

—H.E. Xi Jinping, President of the People's Republic of China

2023 marked a significant milestone in Sinopec's history.

During this year, General Secretary Xi Jinping visited Sinopec Jiujiang Company and issued key directives, marking his second visit to a Sinopec-affiliated enterprise in two years, and setting a clear path for the industry's development. Also during this year, Sinopec actively implemented Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era through comprehensive theoretical study programs, providing strong ideological support for the Company's high-quality development. This year also marked Sinopec's 40th anniversary. The entire organization has been driven by enthusiasm and determination, striving to reach new milestones and echoing the rallying call of the era: "Love China, Revitalize the Petrochemical Industry".

The guidance received continues to resonate as we forge steadily ahead with unwavering dedication.

Over the past year, Sinopec has diligently translated General Secretary Xi Jinping's key directives into a powerful driving force for unity and concrete actions for high-quality development. We have fully implemented initiatives for high-quality development, continued to take solid steps to advance theoretical study programs, and accelerated our journey to becoming a world-class enterprise. Significant progress has been made in various areas. In the first year of fully implementing the guiding principles of the 20th National Congress of the CPC, and at the historical juncture of our 40th anniversary, we have achieved outstanding results.

Four decades of steadfast effort

In 1978, China's crude oil production reached 100 million tons. Maximizing the utilization of this resource to enhance economic efficiency, increase government revenue, and elevate living standards became a strategic priority for national economic development. On July 12, 1983, the Central Committee of the CPC made the decision to establish the China Petrochemical Corporation, with its inaugural meeting held at the Great Hall of the People in Beijing.

2023 marks the 40th anniversary of Sinopec's founding. Over the past four decades, Sinopec has upheld the Party's original aspiration and founding mission by committing to "Love China, Revitalize the Petrochemical Industry" and "Fueling a Better Life". Through perseverance and continuous effort, Sinopec has made historic contributions to building and advancing China's modern petrochemical industry, safeguarding national energy security, promoting economic growth, meeting people's basic needs like food and clothing, and improving their overall quality of life.

Ensuring energy security

For the past 40 years, Sinopec has been fully committed to safeguarding China's energy security. We have discovered and established key fields, including the Puguang Gas Field, the country's largest marine-phase sour gas field, and the Fuling Shale Gas Field, the country's first large-scale commercial shale gas field. This has enabled us to achieve steady growth in the east, rapid production expansion in the west, and large-scale natural gas development nationwide. Furthermore, the Shendi Engineering Project has led to significant breakthroughs, leading to the establishment of key bases such as the Shunbei Oil and Gas Field, the Jiyang Shale Oil Base, and the Sichuan–Chongqing Natural Gas Base.

For the past 40 years, Sinopec has innovated in research and development, upgraded its clean oil products, and actively expanded its clean energy portfolio, including advancing the hydrogen energy industrial chain. The Fuling Shale Gas Field in Jianghan Oilfield, a model for green shale gas development in China, supplies households with a reliable source of natural gas for winter heating. With the goal of becoming China's No. 1 hydrogen energy company, Sinopec is driving forward the integrated development of its hydrogen energy business. Additionally, Sinopec has completed and commenced hydrogen production at the Kuqa Green Hydrogen Demonstration Project, China's first large-scale photovoltaic-powered green hydrogen facility. Construction has also begun on the Ordos Wind and Solar Integrated Green Hydrogen Demonstration Project, the world's largest green hydrogen and coal-chemical project. The Company also leads the country in geothermal heating capacity and has established China's first "smoke-free" geothermal heating city in Xiongxian County.

For the past 40 years, Sinopec has consistently driven the transformation and upgrading of oil refining and chemical operations. The Company has accelerated the development of world-class oil refining and chemical bases, strengthened and optimized its three core industrial chains in oil refining, ethylene, and aromatics, and established itself as the second-largest producer of ethylene globally and the world leader in the production of chemicals such as P-xylene and polyolefins. Sinopec has also actively led initiatives in "oil-to-chemicals" and "oil-to-specialty products", supplying large volumes of chemical materials and high-end specialty chemicals to the market, which has, in turn, fueled downstream industries valued at hundreds of billions of yuan.

Sinopec established China's first geothermal heating "smoke-free city" in Xiongxian County, Hebei Province, which has been recognized by the International Renewable Energy Agency (IRENA) as a global model.

Serving national economy and people's wellbeing

For the past 40 years, Sinopec has actively aligned its efforts with regional development initiatives and contributed to major national strategies, including the large-scale development in western China, the coordinated development of the Beijing–Tianjin–Hebei region, the development of the Guangdong–Hong Kong–Macao Greater Bay Area, and the integrated development of the Yangtze River Delta. We have also provided strong support for major events such as the Olympic Games, the IAAF World Championships in Beijing, the Winter Olympics, the Asian Games, and the China International Import Expo (CIIE).

For the past 40 years, Sinopec has expanded its market presence, established service networks, and enhanced its service capabilities. The Company has upgraded over 30,000 integrated energy stations to deliver high-quality services to consumers. We have also deployed fast-charging stations, built more than 6,000 battery-swapping and charging stations, and initiated pilot projects for battery-swapping stations for heavy-duty trucks. In addition, Sinopec is actively involved in local hydrogen energy development plans, accelerating the construction of hydrogen refueling networks, and building over 100 hydrogen refueling stations to support industry growth.

For the past 40 years, Sinopec has expanded its service offerings to better meet consumer needs. We have developed high-quality, essential new products for people's livelihoods, built a range of premium brands, and collaborated with well-known brands to establish a portfolio of high-quality, well-received proprietary brands. Today, we operate over 9,500 automotive service outlets and more than 1,600 catering projects, allowing customers to enjoy car washing, dining, and shopping at our energy stations. Additionally, we have launched the Easy Joy cross-border e-commerce platform, offering consumers convenient access to global products from the comfort of their homes.        

Pursuing self-reliance and strength in science and technology

For the past 40 years, Sinopec has established systems for oil and gas exploration and development, oil refining, petrochemical production, and public technologies. We have made significant breakthroughs in scientific theories and engineering practices, overcoming numerous technical bottlenecks, and through independent efforts, successfully implemented several pioneering industrial transformation projects in China, bridging multiple domestic capability gaps.

For the past 40 years, Sinopec has been deeply engaged in major national projects, key R&D initiatives, and the joint fund for enterprise innovation development, among others. The "Ten Dragons" mechanism for driving scientific and technological breakthroughs has been highly effective, resulting in the successful industrial transformation of over 200 major technology systems. We have continuously improved our approach to major scientific and technological projects by adopting and refining models such as "open competition for talent selection" and "collaboration among large enterprises".

For the past 40 years, Sinopec has filed over 110,000 patent applications and secured more than 60,000 approvals. We have also been awarded 78 State Technological Invention Awards, 385 State Science and Technology Progress Awards, and 22 China Patent Gold Awards, providing strong scientific and technological support for China's advancement as one of the world's most innovative countries.

Building a beautiful China

For the past 40 years, Sinopec has been dedicated to a green and clean development strategy, actively contributing to the vision of a Beautiful China. We launched the "Clear Water and Blue Skies" initiative—the largest environmental protection program ever implemented by a Chinese enterprise. This initiative has been pivotal in our continuous efforts to prevent and control pollution while improving energy efficiency, with a strong focus on safeguarding the ecological environments in regions such as the Yangtze River and Yellow River basins. We have also implemented the Green Enterprise Action Plan, the most extensive green enterprise initiative across the entire industry chain in China, leading to continuous advancements in our environmental performance. Furthermore, we began operating the Qilu Petrochemical-Shengli Oilfield Million-ton CCUS Project, the first of its kind in the country, providing new solutions for the clean utilization of carbon dioxide. To protect the habitat of the Chinese sturgeon, we have also closed down multiple oil depots and gas stations along the Yangtze River.

Sinopec has completed ecological restoration projects in Bulenggou Village, Gansu Province.

Enhancing people's wellbeing

For the past 40 years, Sinopec has adhered to a people-oriented development approach, genuinely sharing the achievements of high-quality development with society, and prioritized poverty alleviation as a key political responsibility. Our paired assistance to 750 villages across eight counties has successfully lifted them out of poverty, directly benefiting nearly 3 million people. Aligned with the theme of "building quality schools near people's homes", we have coordinated 65 entities to provide targeted assistance for 59 schools. We also launched the "Spring Bud Nursery" public welfare program to support girls from underprivileged families, providing comprehensive care and creating safe, girl-friendly environments. Additionally, we have continued to improve industrial development plans and support models, assistance eight counties in establishing "one county, one industrial chain" industries.

Scan to discover Sinopec's extraordinary 40-year journey

For the past 40 years, Sinopec has continuously carried out public welfare programs, taking tangible steps to address community needs and alleviate hardships. We have expanded our "Gas Station That Cares—A Better Road Home" public welfare initiative, extending its reach to nearly 100 gas stations across eight provinces and regions, benefiting over 57.8 million travelers during the Spring Festival travel rush, making their journeys home more comfortable. Additionally, the Sinopec Lifeline Express, in operation for 20 years, has provided free cataract treatment to over 56,000 patients. We have also initiated the "You're the Most Beautiful – Walk with Light" Eye Care Campaign to raise awareness about eye health and promote the healthy growth of children. Moreover, we have established 4,098 "Driver's Homes" and 6,033 "Love Stations" to provide welcoming services for outdoor workers. To strengthen community connections in Hong Kong, we implemented the "You're the Most Beautiful" Junior Development Subsidy Scheme to bridge the generational gap. Additionally, our "Micro Hope Plan" has supported 3 million rural teachers over the past three years, spreading love and encouragement.

The Sinopec Lifeline Express has been serving communities for 20 years.

Achieving new milestones on our new journey

The 20th National Congress of the CPC outlined a strategic blueprint to build China into a modern socialist country in all respects and advance the rejuvenation of the Chinese nation through a distinctive Chinese-style modernization. This sets a clear direction for the future development of both the Party and the country, providing guidance for Sinopec's progress as it navigates this period of great changes. Embarking on a new journey, the Company will continue to be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and thoroughly implement the key directives from General Secretary Xi Jinping's visits to Shengli Oilfield and Sinopec Jiujiang Company. Upholding the principle of seeking progress while maintaining stability, advancing stability through progress, and fostering innovation before phasing out the outdated, we will focus on enhancing our core functions and improving our competitive edge. We will also launch an initiative under the theme "upholding key directives, advancing with gratitude, pursuing innovation-driven development, and building a first-class enterprise", focusing on transformation and upgrading, enhancing operational efficiency, promoting reform and innovation, strengthening risk management, and advancing Party building. We will accelerate the cultivation of new, high-quality production capacities, prioritize value creation, and continually promote effective qualitative improvements alongside balanced quantitative growth. Our goal is to solidify our role as a strategic contributor to building a modern socialist country in all respects, a leader in advancing China's industrial system, and a key driver of the country's economic and social development.