History
Enterprise Foundation
Zhejiang Refinery, the predecessor of Zhenhai Refining & Chemical Branch of Sinopec Corp., was constructed, marking the starting point of Zhenhai Refining & Chemical.
Incorporated into Sinopec System
Zhejiang Refinery was placed under the administration of the former China National Petrochemical Corporation and integrated into the national petrochemical industrial system.
Shareholding Restructuring & Hong Kong Listing
The enterprise completed shareholding reform, established Zhenhai Refining & Chemical Co., Ltd., and got listed on The Stock Exchange of Hong Kong Limited.
Delisting & Establishment of Branch Company
It delisted from Hong Kong Stock Exchange in March. In September of the same year, Zhenhai Refining & Chemical Branch of China Petroleum & Chemical Corporation was formally registered.
Establishment of Joint Venture
Sinopec Ningbo Zhenhai Refining & Chemical Co., Ltd. was founded on June 18. The capital contribution ratio of Sinopec and Ningbo local government is 85:15. It adopts integrated management mode of "one team, two legal entities".
Core Asset Restructuring & Transfer
Starting from October 1, all core assets of Zhenhai Refining & Chemical Branch will be transferred into the joint venture, while the shareholding ratio of both shareholders remains unchanged. The branch will be retained temporarily and deregistered at an appropriate time later.
