China Import Co., Ltd.
On 10 March 1950, in an aim to unify domestic trade, fulfill the set target of the import & export volume, lead the domestic market, strike a balance between supply and demand, and boost the recovery and development of domestic production, the central government made a decision to set up a national level foreign trade company under the leadership of the Trade Ministry. The predecessor of Sinochem, China National Import Corporation, was formally established.[7] China National Import was the first state-owned foreign trading company of the PRC.[8]
China Import & Export Co., Ltd.
On 8 January 1951, the preparation team for China National Import & Export Co was set up. The staff of the company came from China National Import Corp and its subsidiaries in North China. On Feb. 13, entrusted by the Trade Ministry, China National Import & Export Co took on the responsibility to oversee the import & export business of some Hong Kong institutions. When it was put into operation on March 1, the main task of the company was to tear down the blockade and trade embargo imposed by the West, and conduct trade with capitalist countries.[7]
In 1952, the company opened an overseas representative office in East Berlin, its first such office.[8]
During the 1950s and 1960s, the company procured important resources like rubber, petroleum, and fertilizer to support China's industrialization campaigns.[8] It initially focused on trade with the other socialist states, especially the Soviet Union and East Germany, but later increased trade with regional neighbors like Singapore and Japan.[8]
China National Chemicals Import & Export Co., Ltd.
On 1 January 1961, after restructuring of MOFTEC's affiliated administrative units and enterprises, China National Import & Export Co was changed into China National Chemicals Import & Export Corp.[7]
China National Chemicals Import & Export Corp.
On 12 June 1965, MOFTEC decided to standardize the names of foreign trade companies. On July 16, China National Import & Export Co was changed into China National Import & Export Corp.[7]
By 1994, the company had overseas branches in more than 20 other countries.[8]
In 1999, the company hired consulting firm McKinsey & Company to improve its management and internal controls.[8] This was the first time a central SOE of China had hired a foreign consulting firm.[8]
In 2001, company Chairman Liu Deshu implemented the "1-2-3" strategy for the company's development.[8] Through this approach, the company focused on market competition ("one ability"), expanding into foreign and domestic markets up and down the industry chain ("two expansions"), and developing core businesses of petroleum, fertilizer, and chemical products ("three core business areas").
Sinochem Group
On 10 November 2003, Sinochem changed its name from China National Chemicals Import & Export Corporation to Sinochem Corporation with the approval of the State Assets Administration and Supervision Commission and the State Administration for Industry and Commerce.[7]
In August 2009, Sinochem bought the United Kingdom-based oil company Emerald Energy.[9]
In November 2011, the company announced that it expected to raise ¥35 billion in its IPO, making it the largest IPO of the year in China and the sixth largest in the country's history.[10] Funds from the IPO would be put towards the development of an oil refinery in Quanzhou, a port city in Fujian province.
In 2016, Ning Gaoning became Sinochem Chairman and Secretary of its Party Committee, taking over for Liu Deshu who had been in those roles from 1998 to 2015.[8]
U.S. investment prohibition
In August 2020, the United States Department of Defense named Sinochem as one of several companies backed by the People's Liberation Army.[12][13][14] In November 2020, Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included Sinochem.[15][16]
