a wholly-owned subsidiary of Sinopec Group, carries out external upstream oil & gas cooperation on behalf of Sinopec, is an integrated strategic business unit of Sinopec engaged in overseas oil & gas exploration and production investments and business operations as well as the sole professional company of Sinopec engaged in overseas upstream investments and operations. Founded in January 2001, hea
dquartered in Beijing, SIPC exercises the mode of two-level management. The headquarters are the center of investment decision and production management, and regional companies perform the functions of supervision, management and service coordination as representative offices of the headquarters, and the national company is the executive center. Corporate core concept: To build SIPC into an internationally competitive multinational oil company with the spirit of “Harmony, Progressiveness and Pursuit of Excellence”, the concept of “Contributing Energy and Creating Happiness”, the style of “Meticulousness, Preciseness, Pragmatism and Innovation” and the philosophy of “Honesty, Standardization, Cooperation and Win-win”. Primary business includes investments in the exploration, development, production, sale, storage and transportation of oil and gas; investments in oil refining and the production, sale, storage and transportation of oil and gas (including LNG) chemicals; comprehensive utilization of mineral resources associated with oil and gas; import & export business; as well as foreign trade consultation services and technical exchanges. HSE management: following the policies of “Safety First and Prevention Foremost; Full Mobilization and Comprehensive Management; Environment Improvement and Health Protection; Scientific Management and Sustainable Development” and the principles of “Minimization, Rationality, Practicality and Feasibility”, abiding by local laws and regulations, respecting local folk customs and religious beliefs, identifying and evaluating hazards in accordance with international standards, minimizing health, safety and environment hazards in operations, and striving for “zero accident, injury and environmental damage”. Cooperation and exchange: adhering to the principle of mutual benefit and win-win, forming strategic unions with domestic and overseas counterparts and establishing partnerships with host countries of oil & gas resources, oil companies and the financial world to extensively carry out technical exchanges and project cooperation for common development, mutual benefit and win-win. In recent years, SIPC has, under the deployment of Sinopec, centered on international and resource strategies, grown rapidly in overseas oil & gas exploration and development, achieved enormous increases in oil & gas reserves and interest oil output, and acquired an overseas interest oil output of 12.79 million tons and a total interest oil output of over 35 million tons in 2009. SIPC has 17 functional departments in the headquarters, a number of branches abroad as well as over 3,400 Chinese and foreign employees. Su Shulin, president of Sinopec, noted at the working conference in 2010 that Sinopec would step up internationalization in an all-round manner, focus on increasing overseas oil & gas output above domestic output, further accelerate development and shoulder the responsibility as “half of the upstream business of Sinopec” to contribute to the building of “advantageous” upstream business! SIPC will, under the guidance of the scientific outlook on development and the principles of friendliness, honesty, mutual benefit and win-win, intensify international oil & gas cooperation, lose no time in seeking for opportunities of overseas oil & gas investments, strengthen overseas oil & gas exploration and development, endeavor to accomplish the sustainable, fast and healthy development of overseas business and contribute to building Sinopec into an internationally competitive multinational energy chemical company.
