While planning for the professional restructuring of petroleum engineering-related businesses, Sinopec has steadily advanced the growth and integration of its lubricants and non-oil products business in recent years. According to the long-term plan of Sinopec, the lubricating oil and non-oil business will also become the target of the subsequent professional restructuring and delisting.

Non-oil business scale has gradually grown

While the domestic gas station network is gradually improving and the number of gas stations is becoming saturated, the non-oil business will become an important new profit growth point for the oil giants. For Sinopec, the building of a non-oil business ship has become the company's "strategic action to seek differentiated development in the homogenous competition."

The so-called non-oil business mainly refers to services other than gas station oil sales. By the end of 2011, among the more than 30,000 petrol stations in Sinopec, more than 19,000 have opened Express convenience stores.

Sinopec reported that in 2011, the company’s non-oil business revenue reached 8.26 billion yuan. Although this income accounted for only a tiny portion of Sinopec's total revenue of more than RMB 2 trillion last year, the future market space for this new business has been highly valued by Sinopec’s senior management.

As early as in 2008, when Sinopec devaluated the non-oil business, Su Shulin, the then general manager of Sinopec, stated: “The development of non-oil business and the construction of gas stations as comprehensive service stations and car life stations are not just to seek The new growth point of benefits is even more a strategic move for us to seek differentiated development in our homogenous competition."

After Fu Chengyu transferred from CNOOC to Chairman of Sinopec last year, he further raised the growth of non-oil business to a new level. At present, the subsidiaries of the Sinopec Group have already made efforts to develop non-oil business, including large convenience stores around gas stations, and exploring and developing e-commerce through the marketing network platform. According to sources, Sinopec has set a revenue target of 50 billion yuan for its non-oil business in 2015, an increase of 400% in four years.

Sinopec's non-oil business promotion is mainly implemented by its subsidiaries Sinopec Semex, which builds a gas station television media information publishing platform, actively expands gas station store advertising business, and strives to foster new economic growth points. It is understood that only the first phase platform for TV media planned by Sinopec's subsidiary Fujian Branch has reached 220 sites, which are scheduled to be completed in 2012 and will be submitted to advertising companies in early 2013.

Lubricant business integration has begun

While making big non-oil business, Sinopec is also planning a professional restructuring of the lubricants business. The lubricants business is a branded business of Sinopec. The professional restructuring of this business will undoubtedly have a major impact on Sinopec.

According to the news from all parties, according to the plan of Sinopec headquarters, the lubricant sales business undertaken by Sinopec's provincial oil and gas sales companies will be transferred to Sinopec Lubricant Company (“Great Wall Company”), which will make the latter integrated into production, sales and research. The independent entity; and with the completion of the restructuring of Great Wall, its independent listing will also steadily advance.

It is understood that "Great Wall" lubricants have a market share of 30% to 40% in China. From January to June this year, only Zhejiang "Great Wall" lubricants sales reached 117,000 tons, of which the highest gross margin sales of packaging oil It reached 31,000 tons. At present, the entire Great Wall Company's annual sales of lubricants are as high as 1.6 million tons, more than double the level of 10 years ago.

"In the long run, both lubricants and non-oil businesses will likely be separated and listed separately. The successful experience of Fu Chengyu's specialization in CNOOC promotion will be copied to Sinopec," an industry source told reporters.

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