Sinopec Continues To Build Retail Network In China
According to Zuo Xingkai, deputy general manager of Sinopec Chemical Products Sales Company, to date, Sinopec has opened convenience stores in 13,077 of its gas stations, accounting for 44% of its total 29,698 gas stations and these convenience stores have reportedly formed the largest non-oil retail network in China.
Sinopec launched its non-oil business in 2008. Over the past two years, this business has developed rapidly. In 2009, the sales at Sinopec's non-oil business were CNY3 billion, a year-on-year increase of 166%. In 2010, the number of Sinopec's convenience stores is expected to reach 15,000 and the operating revenue of these stores will reach CNY4.5 billion.
Zuo revealed that the revenue of Sinopec's non-oil business in 2010 has already reached CNY1.236 billion, an increase of 165% compared with the same period in 2009.
At present, sales of non-oil products reportedly account for over 50% of revenue of large international oil companies. Another Chinese state-owned oil and gas producer, China National Petroleum Corporation, also started building its non-oil retail network. In 2008, it launched the uSmile brand to implement unified management of its convenience stores.
The company's financial report showed that by the end of 2009, its sales of non-oil business increased by 69% year-on-year; and over 8,800 of its gas stations had started the non-oil business, accounting for 51% of its total 17,262 gas stations in China.
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