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Sinochem Corporation(Chinese:Trung Quốc trung hóa tập đoàn công ty) is a Chinese state-ownedmultinationalconglomerateprimarily engaged in the production and trading ofchemicalsandfertilizerandexplorationandproduction of oilfor civilian and military purposes. Its majority owned fertilizer subsidiarySinofertis involved throughout the chain from production of the product and procurement on international markets to distribution and retail.
 | |
 Headquarters in Beijing | |
| Company type | State owned |
|---|---|
| Founded | 1950 |
| Headquarters | , China |
Key people | Ning Gaoning( ninh cao ninh ) (Chairman) |
| Products | Petrochemical,petroleum,fertilizer |
| Revenue |  US$143.2 billion (2023)[1] |
| US$-3.666 billion (2023)[1] | |
| Total assets | US$223.9 billion (2023)[1] |
Number of employees | 382,894 (2023)[1] |
| Parent | Sinochem Holdings |
| Subsidiaries | Syngenta |
| Website | www |
Sinochem Group was founded in 1950. Its predecessor was China National Chemicals Import and Export Corporation was China's largest trading firm. Sinochem Group is the key state-owned enterprise under the supervision ofState-owned Assets Supervision and Administration Commission of the State Council(SASAC). Sinochem's headquarters is located inXicheng District, Beijing.
Sinochem's core businesses include energy, agriculture, chemicals,real estateand financial service. It is one of Chinese four state oil companies, China's biggest agricultural input company (fertilizer, seed andagrochemicals), China's leading chemical service company.
Sinochem currently owns more than 300 subsidiaries inside and outside China. It controls several listed companies including Sinochem International (SZSE:600500), Sinofert (SEHK:297) and Franshion Properties (SEHK:817), and is the largest shareholder of Far East Horizon (SEHK:3360). In June 2009, Sinochem Group established Sinochem Corporation as the vehicle for potential group IPO.
Sinochem Group is China's earliest[citation needed]entrant inFortune Global 500and has been on the list 25 times, ranking 139th in 2016.[2]Sinochem's recent revenue in 2020 was 54.2 billion renminbi.
Corporate structure
editSinochem deals primarily inpetrochemicalsdistribution, but also insynthetic 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 giantCOSCO(2%). The move was designed to signal Sinochem's transformation to a market-oriented company.
History
editFounded in 1950, it is China's largesttrading companyand its first multinational conglomerate.[citation needed]
China Import Co., Ltd.
editOn 10 March 1950, in an aim to unify domestic trade, fulfill the set target of the import & export volume, lead the domestic market, strike a balance between supply and demand, and boost the recovery and development of domestic production, the central government made a decision to set up a national level foreign trade company under the leadership of the Trade Ministry. The predecessor of Sinochem, China National Import Corporation, was formally established.[3]
China Import & Export Co., Ltd.
editOn 8 January 1951, the preparation team for China National Import & Export Co was set up. The staff of the company came from China National Import Corp and its subsidiaries in North China. On Feb. 13, entrusted by the Trade Ministry, China National Import & Export Co took on the responsibility to oversee the import & export business of some Hong Kong institutions. When it was put into operation on March 1, the main task of the company was to tear down the blockade and trade embargo imposed by the West, and conduct trade with capitalist countries.[3]
China National Chemicals Import & Export Co., Ltd.
editOn 1 January 1961, after restructuring of MOFTEC's affiliated administrative units and enterprises, China National Import & Export Co was changed into China National Chemicals Import & Export Corp.[3]
China National Chemicals Import & Export Corp.
editOn 12 June 1965, MOFTEC decided to standardize the names of foreign trade companies. On July 16, China National Import & Export Co was changed into China National Import & Export Corp.[3]
Sinochem Group
editOn 10 November 2003, Sinochem changed its name from China National Chemicals Import & Export Corporation to Sinochem Corporation with the approval of the State Assets Administration and Supervision Commission and theState Administration for Industry and Commerce.[3]
In August 2009, Sinochem bought the United Kingdom-based oil companyEmerald Energy.[4]
In November 2011, the company announced that it expected to raise ¥35 billion in itsIPO,making it the largest IPO of the year in China and the sixth largest in the country's history.[5]Funds from the IPO would be put towards the development of anoil refineryinQuanzhou,a port city in Fu gian province.[citation needed]
U.S. investment prohibition
editIn August 2020, theUnited States Department of Defensenamed Sinochem as one of several companies backed by thePeople's Liberation Army.[6][7][8]In November 2020,Donald Trumpissued anexecutive orderprohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included Sinochem.[9][10]
Subsidiaries
editReferences
edit- ^abcd"Sinochem".Fortune Global 500.Fortune.Retrieved24 August2024.
- ^"139 Sinochem Group".Fortune.Archivedfrom the original on 25 March 2017.Retrieved27 October2016.
- ^abcde"History".Sinochem.Archivedfrom the original on 10 February 2022.Retrieved10 February2022.
- ^Maverick Chen (14 August 2009)."Sinochem to buy UK-based Emerald Energy".China.org.cn.Archivedfrom the original on 3 March 2016.Retrieved17 October2009.
- ^Yin Guang (11 November 2011)."China Corporate News: Sinopec Takes 30% of Galp Energia; Renren Posts $1m Loss for Q3".thechinaperspective.Archived from the original on 14 November 2011.Retrieved27 June2023.
{{cite web}}:CS1 maint: unfit URL (link) - ^Stone, Mike (28 August 2020)."Trump administration says Sinochem and others backed by Chinese military".Reuters.Archivedfrom the original on 28 August 2020.Retrieved29 August2020.
- ^"DOD Releases List of Additional Companies, in Accordance with Section 1237 of FY19 NDAA".U.S. Department of Defense.28 August 2020.Archivedfrom the original on 30 August 2020.Retrieved30 August2020.
- ^"Qualifying Entities Prepared in Response to Section 1237 of the National Defense Authorization Act for Fiscal Year 1999 (PUBLIC LAW 105–261)"(PDF).U.S. Department of Defense.28 August 2020.Archived(PDF)from the original on 28 August 2020.Retrieved30 August2020.
- ^Chen, Shawna (12 November 2020)."Trump bans Americans from investing in 31 companies with links to Chinese military".Axios.Archivedfrom the original on 28 October 2021.Retrieved12 November2020.
- ^Pamuk, Humeyra; Alper, Alexandra; Ali, Idrees (12 November 2020)."Trump bans U.S. investments in firms linked to Chinese military".Reuters.Archivedfrom the original on 28 October 2021.Retrieved12 November2020.
