China Petroleum & Chemical Corporation, Sinopec Corp., Makes Announcement.Business Editors MACAU--(BUSINESS WIRE)-- Oct. 21, 2002 China Petroleum & Chemical Corporation ("the Company") (HKEX: 386; NYSE NYSE See: New York Stock Exchange : SNP SNP Scottish National Party Noun 1. SNP - (genetics) genetic variation in a DNA sequence that occurs when a single nucleotide in a genome is altered; SNPs are usually considered to be point mutations that have been evolutionarily ; LSE LSE - Language Sensitive Editor : SNP; CH: 600028) today announced the opening of its first gas station, Tongwa Gas Station, in Macau. The Tongwa Gas Station is located at Avenida 1(Degree) de Maio in the center of Macau. The striking "Sinopec" logo already appears to be attracting people's attention. This is a significant step taken by Sinopec Corp. in building retail operations and in creating a brand image in Macau. Mr. Wang Jiming, President of Sinopec Corp., commented, "Tongwa is the first gas station that is operating under the Sinopec logo overseas. We believe that the successful operation of the Tongwa Gas Station will have a significant impact on the Company's market expansion and in creating a superior brand image." The Tongwa Gas Station is jointly owned and operated by Sinopec Corp. (49%) and Nam Kwong Petroleum & Chemical Co., Ltd (51%). The total investment is HK$30 million. Sinopec Corp. is the largest energy and chemical company in China, with integrated upstream, midstream and downstream operations. The Company is the first and only company in China to be listed in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , London and Shanghai. The principal operations of Sinopec Corp. and its subsidiaries include: exploring, developing, producing and trading crude oil and natural gas; processing crude oil into refined oil products; producing, trading, transporting, distributing and marketing refined oil products; and producing and distributing chemical products. The Company has been focused on capturing earnings growth opportunities, optimizing capital allocation and investments, improving technology, developing human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , improving efficiency of resource utilization, and increasing competitive advantages. It has also been focused on increasing ROACE ROACE Returns on Average Capital Employed and long-term development in an effort to improve shareholder value and return. Its objective is to become a global, highly competitive, fully integrated energy and chemical company with first class assets, a diversified shareholder base, consistent technological innovation, scientific management and sound financial and accounting practices. For more information, please visit the Company's website at www.sinopec.com. |
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