Sinopec releases first CSR

China Petroleum and Chemical Corporation (Sinopec) has released its 2007 corporate social responsibility (CSR) report in Beijing. The report elaborates the efforts and achievements Sinopec has made in the area of CSR, including “supply responsibility,” “security and environmental responsibility,” “staff development responsibility” and “social responsibility.” Sinopec is China’s largest crude oil processing and refined oil sales enterprise, and the country’s largest crude oil importer. To guarantee the refined oil supply of the nation, Sinopec has incurred losses amounting to 143.5 billion yuan (US$20.95 billion) in oil refining over the past three years. According to the report, Sinopec will continue with the construction of two national oil bases in Zhenhai, Zhejiang and Huangdao, Shandong, which were part of the initial phase of the national oil reserve project. (September 1, 2008)