China Petrochemical Corporation or Sinopec Group is an oil refining, gas and petrochemical conglomerate, administered by SASAC for the State Council of the People's Republic of China. It is headquartered at Chaoyangmenwai in Beijing, across the road from the headquarters of fellow state-owned oil company and competitor CNOOC Group. According to the Fortune Global 500 list in 2021, Sinopec was the largest energy company in the world by revenue, the largest state-owned enterprise in both China and the world, and second largest company in the world in terms of revenue, behind only American retail store chain Walmart.

China National Offshore Oil Corporation, or CNOOC Group, is the third-largest national oil company in China, after CNPC and China Petrochemical Corporation. The CNOOC Group focuses on the exploitation, exploration and development of crude oil and natural gas in offshore China, along with its subsidiary COOEC.