China Petrochemical Corporation, also known as the Sinopec Group, is a fully integrated Chinese state-owned and world-class petrochemical company. The Sinopec Group was founded in July 1998 and is one of the largest oil and gas producers in China, the biggest oil refiner in Asia and the second largest worldwide.
In 2014, it was the first Chinese company to enter the top three of the Fortune Global 500 ranking third position in the list. In 2015, the Sinopec Group moved up a rank as the world’s second largest company.
The Sinopec Group manages Sinopec International Petroleum Exploration and Production Corporation (SIPC), which is Addax Petroleum's parent company.
Sinopec’s heritage - “giving back to society”
Our acquisition by the Sinopec Group ushered in a new phase of development for Addax Petroleum, in terms of both business and CSR. Under our shareholder’s leadership, we have been able to tap into resources, knowledge and best practices that enable us to streamline many of our processes and reinforce a number of our policies.
For many years Sinopec has recognised its economic, social and environmental responsibilities, conscientiously and actively fulfilling its social engagements and driving the harmonious development of both the company and society.
In 2004, Sinopec was the first Chinese enterprise signatory to the United Nations (UN) Global Compact and in 2011 Sinopec’s former Chairman Chengyu Fu became member of the UN Global Compact Board and the first President of the Global Compact China Network Board.
Sinopec’s position and vision of “giving back to society” has resonated strongly within Addax Petroleum and shapes our approach to CSR.
An overseas presence through SIPC
Addax Petroleum is owned by Sinopec International Petroleum Exploration and Production Corporation (SIPC), which is managed and operated by the Sinopec Group. SIPC is specialised in overseas oil and gas investment and operations. It manages Sinopec's international exploration and production portfolio, including Addax Petroleum.