On April 5, wang yupu, chairman of the sinopec group, held a special meeting to study the overall plan of deepening institutional reform. Meeting request, for power of wanda group, hoof to act, to advance reform of mechanism of system of sales company, and as a guide, comprehensively promote corporation reforms.

AnXunSi China energy research director li li to surging news said, "deepening sinopec sales company the direction of the reform is very vision, because the terminal network is the future defense impact energy change of the last line of defense, can also help sinopec through cross-border change."

Sinopec said, in recent years, China petrochemical sales company reform continued to deepen, has complete product sales business restructuring investment, and set up the first board of directors, board of supervisors; To continuously promote and establish the modern enterprise system; We will ensure that more than 100, 000 workers are transferred to the workforce. We will give full play to the advantages of multi-shareholders in the mixed ownership system, and rapidly develop non-oil businesses, with a total value of 35.1 billion yuan in 2016, up 41.4 percent from the previous year.

In sinopec's annual report in 2016, the company give full play to the advantages of integration, raise, increasing effective supply of petroleum and petrochemical products and services to society, and realize the larger improvement of economic benefit and efficiency of assets. The refining and sales sectors have made sinopec a strong performer in the era of low oil prices. Compared with petrochina and cnooc's net profit, sinopec has relied on downstream refining and sales growth, which saw net profit rise 43.8 per cent year on year.

Specifically, sinopec made five requests at the meeting. First, we should fully understand the importance of deepening the reform of the institutional mechanism of the marketing company. We will deepen reform of the mechanism of system of sales company is the inevitable requirement of market competition, to be in a competitive product in the market continue to maintain and strengthen the dominance, to expand international business, participate in international competition, we must intensify market-oriented reform.

Second, we will adhere to and strengthen the party's leadership and build a modern enterprise system. Should actively explore the leadership of the party and the realization of the organic unity of corporate governance, well implement two "a consistent" requirements, to ensure that the party organization "the direction, overall situation, the implementation of the" role into full play.

Third, we will focus on three institutional reforms. In order to be able to be a leader, we should be able to reduce the amount of money that can be reduced to leverage by the income.

Fourth, we need to adhere to the principle of market, integration and internationalization. Seek improvement in stability will enhance vitality, control and influence and realize sustainable development of enterprises.

Five to realize the value of state-owned assets and to improve the efficiency, benefit as the goal, we should adhere to the market with the mechanism, realizes the compensation system and the linkage of the asset value.

In the end, the meeting stressed that the reform efforts should be all over the world. For seek improvement in stability, the hoofs move steadily, make sure that the real change, real change, see the effect, can't be the dragon. We should unify the thinking, change the concept, mobilize the power of the whole group, and actively participate in the reform.