In February 1983, the CPC Central Committee and the State Council issued a circular, deciding to prepare for the incorporation of the China Petrochemical Corporation and pointing out that "it is a major event in the reform of China's economic system". In July the same year, the China Petrochemical Corporation (Sinopec) was formally established, and the People's Daily published an editorial entitled "Giving full play to advantages of the petrochemical economic entity", calling for "carrying forward the enterprising spirit for strengthening and prospering the country, and striving to build the head office into an economic entity with cutting-edge technologies, advanced management, and high competitiveness in both domestic and foreign markets".
Since the 18th CPC National Congress, Sinopec has adhered to the guidance of Xi Jingping Thought on Socialism with Chinese Characteristics in the New Era; implemented the new development concept; served the construction of a new development pattern; devised a world's leading development strategy; shouldered the three core responsibilities; and supported national strategy and worked for a better life for people.
Since as early as 2012, when the 18th National Congress of the CPC was held, the CPC Central Committee with Comrade Xi Jinping at its core has endeavored to realize targeted poverty reduction and alleviation, aiming to win the war against poverty and finish building a moderately prosperous society in all respects. The endeavors have led to a miracle in the history of humans' battle with poverty. By the end of 2020, all 98.99 million rural residents from impoverished villages had been lifted out of poverty, and absolute poverty has been eliminated from the country. Today, the country is striding ahead toward rural revitalization.
China's deep and ultra-deep oil and gas resources account for 34% of the country's total, with high resource abundance and large reserves. The deep and ultra-deep strata have become the main location of major oil and gas discoveries in China. Sinopec has closely integrated the promotion of the "Shendi Engineering Project" with the implementation of the new energy security strategy of "four revolutions and one cooperation", continued to make efforts in research, exploration and development in the deep oil and gas fields, and become a leading force in China in this field.
In March 2022, the National Development and Reform Commission (NDRC) and the National Energy Administration jointly issued the Medium and Long-term Plan for the Development of Hydrogen Energy Industry (2021-2035), which clarified the strategic positioning of hydrogen energy in China's green and low-carbon energy transformation and drew a blueprint for the medium- and long-term development of China's hydrogen energy industry. Seizing the major strategic opportunity of hydrogen energy development, Sinopec has, in accordance with the idea of "building 1,000 hydrogen refueling stations, 1 million-tonne green hydrogen demonstration, two-wheel driven development with hydrogen transportation and green hydrogen refining, and reducing carbon emission by more than 10 million tonnes", made hydrogen energy the core business of new energy development, and established a hydrogen industry chain covering "production, storage, transportation, fueling, application and research". Centering on the hydrogen transportation and green hydrogen refining, Sinopec has developed a hydrogen energy integration business, realized the "integrated layout of production, transportation and hydrogen refueling", and accelerated the construction of "China's largest hydrogen energy company".
In the context of carbon neutrality, given China's resource endowment featuring "abundant coal, insufficient oil and shortage of gas", it has been a top priority for energy enterprises to enhance the supply of green energy, and accelerate the green transformation of the whole industrial chain. Developing shale gas resources is an important means to improve natural gas supply capacity, realize the national energy strategy of "reducing the use of coal and increasing gas supply", and achieve "energy conservation, emission cut and consumption reduction".
Since the 18th CPC National Congress, General Secretary Xi Jinping has attached great importance to Chinese brand building, calling for "efforts to promote the transformation from Chinese manufacturing to Chinese creation, from Chinese speed to Chinese quality, and from Chinese products to Chinese brands". In February 2022, when presiding over the 24th session of the Central Committee for Deepening Overall Reform, President Xi Jinping stressed the need to "accelerate the development of a number of world-class enterprises featuring excellent products, outstanding brands, leading innovation and modern governance".
Since 2013, Sinopec has run the "The Gas Station That Cares – A Better Road Home", a large-scale public welfare program for migrant workers returning home by motorcycle or minibus. Responding to their appeals and needs, Sinopec has expanded and improved its services for them.
2023 marks the 10th anniversary of the Belt and Road Initiative. As a major participant in China's Belt and Road Initiative, Saudi Arabia, endowed with massive oil and gas resources, is a key player in the world's oil and gas industry and a major oil and gas supplier of China. For years, Sinopec has worked to promote the economic development of Saudi Arabia, increase cultural exchanges between the two countries, and promote local people's wellbeing. Also, Sinopec fully supports Saudi Arabian Vision 2030 as well as "Green Saudi Arabian" and "Green Middle East" initiatives, and works to connect China and Saudi Arabia in driving the Belt and Road Initiative.
Fulfilling CSR, creating social values and promoting sustainable development is a mission endowed by the CPC Central Committee to central enterprises in the new era, as well as an inevitable path to high-quality development and world-class enterprises. Based on the "3 steps and 10 methods" theory for CSR management, Sinopec keeps improving CSR management and innovative CSR practice, and continues to enrich the forms of communication dominated by CSR reports, so as to forge its image as a responsible brand.