Sinochem Energy Co.,Ltd. is a leading oil trading company in China, the oil trading activities began in the 1950s. We play an important role in China’s energy security and made important contributions to the development of oil trading and the oil industry in China.
Our Oil and petroleum products trading business is international trade-oriented, which have established stable relationships with numerous oil-producing countries and their national oil companies. Major products that we trade include crude oil and refined petroleum products, with a total trading volume of approximately 134.1 million tonnes in 2017.
We are one of the only five state-owned companies who obtained crude oil import licenses, and one of the only five state-owned oil trading companies in China with export quota for refined petroleum products through our controlling shareholder Sinochem Group. We have remarkable capabilities in securing supply , strong market insights and risk management capabilities. Cooperating with financial institutions and governments, we have completed our first crude oil import trade using blockchain technology, and so increased efficiency of the transaction process. We seek to enhance the transaction efficiency of the petroleum trading industry with advanced internet-based and blockchain technologies.
Our market-oriented oil and petroleum products trading business serves a wide range of third-party customers. Our customers include domestic and overseas refineries and oil trading companies from numerous countries and regions. Our teams in China, the United Kingdom and Singapore can effectively track global market dynamics, maintain a network of customers and provide them with quality services.
Our oil and petroleum products trading business provides a strong support for our refining and petrochemicals business. Quanzhou Refinery can obtain various types and grades of crude oil from the trading business to ensure its efficient and low-cost operation. The trading business may also utilize its export quota for refined petroleum products to help Quanzhou Refinery adjust the domestic and overseas sales balance of its refined petroleum products to maximize its economic benefits.
We manage transportation primarily through various vessels, which transport crude oil and refined petroleum products to our customers worldwide. We own five VLCCs. In addition, we charter vessels from global large-scale ship-owners to provide fast, convenient and
efficient international transportation for our customers.