Sinopec - putting the house in order
The Chinese giant is shifting priorities to make the most of weaker crude prices
As the Austro-American economist Joseph Schumpeter famously argued, recessions are good for business because they force management to achieve more with less. "Creative destruction" was the term, and it applies neatly to China's state-owned Sinopec, the biggest refiner in Asia and the country's second-largest producer of oil and gas by volume. At last equipped with a new president -- the post was left vacant for more than a year -- Sinopec has been spending heavily on its downstream business; a quest for higher-margin sales from its chemicals and other value-adding divisions. And, while not neglecting the upstream, China's petrochemical giant spent much of 2016 building up its retail business
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
