China National United Oil Corporation ("Chinaoil") was incorporated and registered at State Administration for Industry and Commerce on January 8th, 1993, with a registered capital of 1.271 billion Yuan. It is jointly owned by China National Petroleum Corporation (CNPC) and Sinochem Corporation. Managed and operated by CNPC, its activities cover all the regions in the world. Chinaoil is licensed to import and export crude oil and refined products, and licensed to conduct futures contract transactions of crude oil and refined products both domestically and internationally. It is also the entity designated by CNPC to source crude oil and market refined products overseas for refineries under CNPC, and procure refined products from international market to meet domestic demand.
Backed by CNPC and following the principle of fully utilizing both domestic and international markets and resources, ChinaOil has been developing and expanding its business in importing and exporting crude oil, refined products, petrochemicals, and natural gas, as well as in marine shipping. Its oil trading business has grown rapidly in recent years with the efforts of extending the use of trading vehicles along value chain and enriching trade techniques.
Holding two trading seats at New York Mercantile Exchange, ChinaOil has enhanced its capacity by accessing oil futures market in addition to OTC market, making it a global trader in crude oil and refined products trading. ChinaOil has built dozens of trade relationships across countries and regions throughout the world with prestigious reputation in global oil industry.