China Petroleum & Chemical Corporation (Sinopec) is a publicly listed integrated oil and gas company headquartered in China, with majority state ownership. In 2019, it had USD 424.52 billion in revenue and a reported 582,648 employees in 2020*. Sinopec is one of the largest integrated energy and chemical companies in China with the largest refining capacity. Sinopec lacks a clear low-carbon transition plan.
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No leading practices were identified for this company.
Sinopec receives a trend score of -. If the company were reassessed in the near future, its score would likely decrease. The company does not have an emissions reduction target beyond 2023. Although the company has started seeking profitable activities in solar energy, hydrogen production, bioenergy, and battery charging and changing stations, it still needs to make significant changes to its sold product portfolio to ready itself for the low-carbon transition.
With no clear low-carbon business model and strategy, and no long-term emissions reduction target, the company is not on track to achieve the low-carbon transition aligned with its 1.5°C pathway.
More about the company
- Beijing, China
- Group revenue
- RMB 2966.19 billion (USD 424.52 billion)
- Ownership structure
- Publicly listed with majority owned by governement
- Number of employees
- Scope of activity