Sinochem Group
Encyclopedia
Sinochem Corporation, founded in 1950, is China's largest trading company
and its first multinational
conglomerate
. Sinochem deals primarily in petrochemicals distribution, but also in 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 giant COSCO
(2%). The move was designed to signal Sinochem's transformation to a market-oriented company.
In August 2009, Sinochem bought the United Kingdom-based oil company Emerald Energy
.
In November of 2011, the company announced that it expected to raise ¥35 billion in its IPO. The sale, to be held in Shanghai, would be the largest IPO of the year in China and and the sixth largest in the country's history. Funds from the IPO would be put towards the development of an oil refinery in Quanzhou, a port city in Fuzhou province.
Trading company
Trading companies are businesses working with different kinds of products which are sold for consumer, business or government purposes. Trading companies buy a specialized range of products, maintain a stock or a shop, and deliver products to customers....
and its first multinational
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
. Sinochem deals primarily in petrochemicals distribution, but also in 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 giant COSCO
COSCO
China Ocean Shipping Company, known as COSCO or COSCO Group, is one of the largest liner shipping companies worldwide. It is a government owned company of the People's Republic of China...
(2%). The move was designed to signal Sinochem's transformation to a market-oriented company.
In August 2009, Sinochem bought the United Kingdom-based oil company Emerald Energy
Emerald Energy
Emerald Energy plc is a British energy company with headquarters in London but is registered offshore in the Isle of Man. The Company specializes in oil exploration and production of hydrocarbons...
.
In November of 2011, the company announced that it expected to raise ¥35 billion in its IPO. The sale, to be held in Shanghai, would be the largest IPO of the year in China and and the sixth largest in the country's history. Funds from the IPO would be put towards the development of an oil refinery in Quanzhou, a port city in Fuzhou province.