Sinopec was founded in 2000 and is currently headed by Mr. Li Chunguang. It is headquartered in Chaoyang District, Beijing, China.
The main revenue for the company comes from its downstream operations. It is the largest oil refiner in Asia by the amount of oil processed annually. Sinopec has already acquired Marathon Oil Corp.’s Angolan offshore oil & gas field and a complete takeover of Geneva based Addax Petroleum. It also purchased 20 oil wells belonging to Total in 2012. It is one of the major state-owned companies in China with approximately 358,571 employees. The company is engaged in exploration, production, refining and sales of oil & gas. It produces about one-fourth of the oil produced by oil major PetroChina but refines about 60% more petroleum products than it. Sinopec enjoys the second largest position just after PetroChina amongst all the oil & gas companies in China.