Sinochem Group

Sinochem Group
Government-owned corporation
Founded 1950
Headquarters Beijing, China
Products Petrochemical, Petroleum, Fertilizer
Website english.sinochem.com

Sinochem Corporation (Chinese: 中国中化集团公司) is a Chinese conglomerate primarily engaged in the production and trading of chemicals and fertilizer and exploration and production of oil.[1] Its majority owned fertilizer subsidiary Sinofert is involved throughout the chain from production of the product and procurement on international markets to distribution and retail.

Corporate structure

Sinochem deals primarily in petrochemicals distribution, but also in rubber, plastics, and agrochemicals. It operates through more than 100 subsidiaries in China and abroad in concerns ranging from petroleum trading to real estate. Formerly owned directly by the Chinese government, Sinochem converted to a joint-stock company in 2009; initially it is owned by newly formed Sinochem Group (98%) and publicly traded Chinese shipping giant COSCO (2%). The move was designed to signal Sinochem's transformation to a market-oriented company.

History

Founded in 1950, it is China's largest trading company and its first multinational conglomerate. In August 2009, Sinochem bought the United Kingdom-based oil company Emerald Energy.[2]

In November of 2011, the company announced that it expected to raise ¥35 billion in its IPO, making it the largest IPO of the year in China and the sixth largest in the country's history.[3] Funds from the IPO would be put towards the development of an oil refinery in Quanzhou, a port city in Fujian province.

References

  1. ↑ "06QUITO2138, A Thousand Chariots in the Fields: Chinese Players". Wikileaks.
  2. ↑ Maverick Chen (2009-08-14). "Sinochem to buy UK-based Emerald Energy". China.org.cn. Retrieved 2009-10-17.
  3. ↑ http://www.thechinaperspective.com/articles/chinacorporaten-8911/

External links