China Petrochemical Corporation

A Sinopec gas station attendant wear his badge in Shanghai, China, on Saturday, March 21, 2009. Photographer: Kevin Lee/Bloomberg NewsKevin Lee/Bloomberg/Getty
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    Fu Chengyu
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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.

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