On June 3, with the witness of Li Keqiang, the Prime Minister of China and Jaber Sabah, the Prime Minister of Kuwait, Sinopec signed memorandum of understanding with KPC (Kuwait Petroleum Corporation) at Great Hall of the People. Sinopec and KPC will continue deepening the cooperation in crude trading, oil refinery and oil exploration. 

 

Kuwait Petroleum Corporation is one of five oil producers in OPEC and one of the largest global gas corporations. Its businesses concentrate in oil exploration, manufacturing, refinery, sales, and transportation. The signature of memorandum of understanding shows that China and Kuwait have reached an agreement about deepening cooperation in petroleum, providing material conditions for expanding construction of programs for oil refinery, ethylene and aromatic hydrocarbons in China. Otherwise, China petroleum industry can promote intensity, scale and integration to develop in further.

 

Sinopec is the second largest manufacturer for petroleum and gas in China. Its capacity of oil refinery is ranked as the third in the world. The number of proprietary gas station is 28,000, ranked as the third. It is also the largest manufacturer and supplier for oil products (including gasoline, diesel oil, aviation kerosene, etc) and petrochemicals (including synthetic resin, synthetic fiber, synthetic rubber, chemical fertilizer). Sinopec was ranked as the forth of Fortune Global 500 in 2013.

 

Sinopec is mainly engaged in oil and gas exploration, oil refinery, sales and manufacturing. The Intelligent Control System for Ten Million Tons Oil Refinery Device – the largest equipments nationalizing program has passed through acceptance, ending the history of relying on importing intelligent control system.