January 2, 2025 – Sinopec (Henan) Refining & Chemical Company Limited (hereinafter referred to as “Sinopec Henan Refining & Chemical”), has officially commenced operations as of January 1st, marking the simultaneous cessation of operations for the former Sinopec Luoyang Branch.
Sinopec Henan Refining & Chemical, wholly owned by Sinopec Corporation, emerged from the assets reorganization of the former Sinopec Luoyang Branch in June of the previous year. The company boasts a diverse business scope, encompassing the manufacturing and sales of petroleum products, production of basic chemical raw materials, as well as the production and marketing of chemical products and specialized chemicals.
According to insights from AsiaMB, with its inception, Sinopec Henan Refining & Chemical has taken over all operational businesses, debts, credits, and qualifications of the former Luoyang Branch, transitioning smoothly from a branch to a wholly-owned subsidiary. This marks a crucial step in the series of reforms and reorganizations, specifically the “branch-to-subsidiary” transformation.
Compared to its predecessor, Sinopec Henan Refining & Chemical differs in legal status, responsibility undertaking, and taxation methods, enjoying greater autonomy in production and management with clearer definitions of operational responsibilities. Moving forward, Sinopec Corporation’s support and decision-making processes for the subsidiary will also undergo adjustments.
A representative from Sinopec Henan Refining & Chemical stated, “The reform has granted us more autonomy in management, allowing us to better align with the industrial characteristics of Luoyang and the entire province, promoting targeted development, and accelerating the formation of new productive forces.”
Looking ahead, Sinopec Henan Refining & Chemical aims to establish a “world-class, high-tech, integrated” refining and chemical base, actively advancing the construction of a million-ton ethylene project and downstream supporting facilities. Simultaneously, the company will steadily promote the “branch-to-subsidiary” transformation and cooperation with joint ventures, deeply integrating with Sinopec Zhongyuan Petrochemical Co., Ltd., to accelerate the formation of an industrial layout featuring “aviation fuel production and storage base + metallocene polyolefin production base,” striving to build a high-end petrochemical industrial base with core competitiveness in the central and western regions.
Additionally, it is learned that in the first half of 2026, Henan Shenma Guoxing Industrial Investment Co., Ltd., an investment platform jointly funded by the governments of Henan Province, Luoyang City, and Menjin District, will inject capital into Sinopec Henan Refining & Chemical. Following the capital injection, the company will transition from a wholly-owned subsidiary of Sinopec Corporation to an absolutely controlled subsidiary, becoming the largest production base for refined oil and chemical materials in Henan Province. This move is significant for leveraging the combined advantages of enterprise and locality, addressing the shortcomings in the petrochemical industry chain in the central and western regions, and accelerating the modernization of Luoyang.