| Sinopec SenMei (Fujian)Petroleum Company Limited(SSPC),which is a joint venture of China Petroleum & Chemical Corporation (“Sinopec Corp.”), ExxonMobil China Petroleum & Petrochemical Company Limited and Saudi Aramco Sino Company Limited started formal operation on July 23, 2007. It is an important part of Fujian Integrated Project and a key project of Fujian Petroleum and Petrochemical Industry. The formal operation of this project marks the operation of the first manufacturing and marketing integrated project in China.
SSPC has established 9 branches in Fujian at the beginning and will operate about 750 service stations and 7 terminals. SSPC will be engaged in processed oil business which had been undertaken by Sinopec Corp. in Fujian , and continue to assume the responsibility to guarantee the oil products supply in Fujian market. With its development, SSPC will stabilize and improve the marketing network and endeavor to further raise its market share.
The company is mainly engaged in the wholesale, retail, storage, throughputting and transportation of the processed oil, lubricant and other petroleum products, operation of convenience stores of gas station, car washing, lubricant replacement and other auxiliary services, providing technical service, operation and management service, engineering and related equipment for service stations and terminals and engaged in franchise business of service stations.
That project is an important result of implementing Sinopec Corp.’s guideline of “reform, adjustment, management, innovation and development” and achieving sustainable and harmonious development. The formal operation of this project will effectively improve Sinopec Corp.’s industry distribution and satisfy the increasing demand of economic and social development of Fujian Province on processed oil and expedite the construction of local economic zone.
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