China Petroleum & Chemical Corporation ("China Petroleum and Chemical Corporation")
China Petrochemical Corporation has significant integration with Russia's largest companies in the oil and gas industry, which continues to grow and develop. At the end of March 2022, a representative of Sinopec said that the Chinese state energy company would continue to buy crude oil and gas from Russia even if Western democracies tightened sanctions in response to Russia's invasion of Ukraine. In December 2022, the Chinese state-run China Daily reported a significant increase in cooperation with Russia at Sibur. Hong Kong Holdings, owned by Sinopec, has acquired 217,847,910 shares (8.5% of the total capital) of SIBUR from Soihl Cyprus Investment Limited, also a subsidiary of Sinopec, the Chinese state-owned Petrochem giant, moving SIBUR’s stake from the EU to Hong Kong. The transfer was made following a decree by Russian President Vladimir Putin, issued in conjunction with Beijing’s permission, as Sinopec is a Chinese state-owned company.
Suspend $500M new investment and significant operations and partnerships. China's top refiners PetroChina and Sinopec are resuming purchases of discounted Russian crude after a brief pause in late 2022, just before the European Union embargo on Russian oil started. NACP adds the three largest Chinese oil and gas companies to the list of international sponsors of war. The company has stopped buying Russian oil as it conducts additional checks to ensure compliance with sanctions requirements and awaits a "clear picture" of a future Russian-American agreement to end the war in Ukraine. The company noted that it will resume supplies if the negotiations lead to the weakening or lifting of US sanctions on Russian oil, the source added on condition of anonymity. The company has stopped buying Russian oil as it conducts additional checks to ensure compliance with sanctions requirements and awaits a "clear picture" of a future Russian-American agreement to end the war in Ukraine. The company noted that it will resume supplies if the negotiations lead to the weakening or lifting of US sanctions on Russian oil, the source added on condition of anonymity. One of China's largest crude oil buyers, Sinopec Shanghai Petrochemical, cut purchases from Russia in the first quarter after more than doubling in 2024. Sinopec, a leading Asian refiner, resumed purchases of Russian oil after a brief pause in March 2025 to assess risks from sanctions imposed by the United States on Russian companies. Revenue increased in 2024 vs 2023 by more than +100%.