Sinopec Releases Its Annual CSR Report

China Petrochemical Corporation, one of the largest oil manufacturers and refiners in China, has formally published its 2009 Corporate Social Responsibility Report.

The report covers six aspects: energy supply, serving clients, climate change, social welfare, employee development, and HEE action.

The report shows that by the end of December 2009, Sinopec's total assets had reached CNY1,288.9 billion, which made it the largest oil refinery company in China. The report says that Sinopec achieved CNY1,391.952 billion in sales revenue in 2009 and it paid CNY230.215 billion as tax to the government. The report states that while ensuring the efficient operation and value increase of the national asset, Sinopec fulfilled its economic and social responsibilities.

The report says that Sinopec has made energy saving and emission reduction an important part of its social responsibilities. It says that from 2005 to 2009, Sinopec invested a total of CNY14.5 billion in energy saving and emission reduction programs. In 2009, Sinopec's CO2 emissions dropped by 16.3, its sulfur dioxide emissions decreased by 31.0%, and it accomplished the energy saving target for the 11th Five-year Plan Period a year in early. Meanwhile, the company was actively developing sources of alternative and renewable energy.

Sinopec has also been actively participating in social welfare. From 2002 to 2009, the company donated more than CNY2 billion to various welfare causes. In 2009 alone, it donated a total of CNY220 million.

Sinopec has its own CSR system, but it referred to a number of domestic and international CSR documents such as the Global Reporting Initiative's Guide for Sustainable Development Report and the Guideline on Fulfilling Social Responsibility by Central Enterprises issued by the State-owned Assets Supervision and Administration Commission of the State Council while compiling this CSR report.

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