Crude Oil Management Was Divided from SINOPEC

According to the official message, China Petrochemical Pipeline Company was founded in Xuzhou, Jiangsu on 10th June with 12 billion registered capitals.

The fact heralds that the storage and transportation of crude oil and refined oil product of SINOPEC (China Petroleum & Chemical Corporation) will be managed separately.

 

In accordance with the business license, the pipeline company enjoys a wide range of business scope. The basic responsibility of this corporation is the transportation and trade of petroleum. In order to perfectly complete these tasks, the company will also devote into the research, development and application of pipeline transportation technology.

The company will in charge of the detection, maintenance and design of the pipeline project. More than that, the related training service and management service will also be provided by the organization.

 

Before this, SINOPEC has accomplished initiative separation of pipeline business. It also announced that the stock rights of the new east pipeline company will be transferred completely. The new branch is a wholly-owned subsidiary of SINOPEC. It is a professional logistics company that handles affairs of crude oil. This is more like the upgrade of SINOPEC internal professional management architecture.

 

SINOPEC says that, five regional branches will be founded continually on the basis of current pipeline layout and project later.