- Rank4
- Previous Rank5
- CEOFu Chengyu
- Employees1,015,039
- Websitewww.sinopec.com
China’s largest oil and gas producer moves up a notch on Fortune‘s Global 500 list. The company continues to grow despite peculiar circumstances — it looks, in many ways, like a multinational, except it’s exposed to the Chinese government’s control over oil and gas prices.
Sinopec, also known as China Petroleum & Chemical Corp., posted a 25% increase in first-quarter net profits in April, beating out competitor PetroChina thanks to Sinopec’s extensive distribution network in the country. It’s also acquiring aggressively outside China — this past June, Sinopec bought Marathon Oil’s stake in an Angolan oil and gas field, which should boost its production by 14,600 barrels-per-day.
Key Financials
$ Millions | % change | |
---|---|---|
Revenues | 428,167.4 | 14.1 |
Profits | 8,221.1 | -13 |
Assets | 314,082.3 | - |