SINOPEC Wins "2012 Global Competitiveness Brands - Top 10 from China" for the Third Year in a Row

Dec 10, 2012, 07:50 ET from IDG China

BEIJING, Dec. 10, 2012 /PRNewswire/ -- Sinopec received the award "2012 Global Competitiveness Brands - China Top 10" in Stanford on December 7, 2012. This is the third consecutive year that Sinopec won this award. On this competition Sinopec also won the single prize of "Most Socially Responsible Brand". (Photo taken on-site: )

The 2012 Global Competitiveness and Sustaining Company Growth Event, held for the third year, and the "2012 Global Competitiveness Brands - Top 10 from China" are organized by International Data Group (IDG). The event aimed to build a regular dialogue mechanism between the business and academic circles of China and the U.S. Following the principles of elevating enterprises' international competitiveness and stimulating regional economic development and social sustainability, the event served as a platform of opinion-sharing and mutual progressing. Yu Mingkang, Head of Corporate Culture Dept. at Sinopec, delivered a speech during the event.

As a participant of the United Nations Global Compact LEAD program, Sinopec sticks to the new industrialization path of high technology, low resource intensity and less pollution. By fast-tracking a growth pattern transformation, Sinopec constantly elevates its brand core competency and sustainability, thus successfully supporting the country's economic construction, driving the development of related industries, and providing energy supply and quality service to meet people's necessity needs. Low-carbon development is a major measure for Sinopec to enhance core competitiveness and implement social responsibilities. In recent years, Sinopec made great efforts to develop their low-carbon business and set the goal of more than doubling their natural gas output by 2020. Powered by technology innovation, Sinopec proactively developed unconventional oil and gas resources that are relatively abundant in China to realize industrial production of unconventional oil and gas resources as soon as possible, and elevated the supply capability of low-carbon energies. In addition, Sinopec endeavored to make technological breakthroughs in the areas of cellulose ethanol, bio-diesel, and bio aviation kerosene to enhance the supply of biomass energy, speed up the construction of LNG storage and transportation facilities to enhance the supply of LNG, and launch international and domestic cooperation to drive the industrial and residential application of geothermal energy. A complete low-carbon energy business value chain including technology R&D, industrial production and product sales was thus built and will evolve into scale manufacturing by 2020.

Today, Sinopec is proactively developing the technology of clean utilization of coal by taking the gasification of coal as the key technology roadmap of coal-based clean energy. Sinopec is also working on developing the coal chemical industry in appropriate regions to use coal as an alternative source for chemical raw material and use petroleum mainly for the production of transportation fuel. For every 1 million tons of alkene produced by coal, 2 million tons of chemical light oil can be replaced, which is equivalent to the output of a refinery with 10 million tons in capacity. So far, Sinopec has successfully conducted the experiment of a CO2 drive on small-size oil fields, on which the CO2 captured is utilized to improve oil recovery. These endeavors have turned out to be both environmentally and economically beneficial and have entered the stage of industrialized application at the capacity of 1 million tons. Sinopec will continue to beef up mid and long-term low-carbon strategic technology reserves, accelerate the R&D of CO2 capturing, storage, and integrated application of high purity CO2 in chemical industries. As a result, the company has achieved the low-carbon development of coal-based chemical industries.

With nearly five years' of accumulated experience, Sinopec has made significant progress in R&D and application of coal-based gas production, coal-based chemicals, and coal-based oil production. The methanol-to-olefin technology has been successfully commercialized and has reached world-class level. The coal-to-ethylene pilot equipment will also be launched into production in the near future. Looking ahead, Sinopec will realize the integrated development of coal-based and petroleum-based chemical industries. By 2015, Sinopec's capacity of coal-to-olefin production will account for more than 10 percent of Sinopec's total capacity of alkene production and coal-to-gas production will reach 30 percent of Sinopec's natural gas supply capacity.