On January 26, China Petrochemical Corporation (Sinopec Group) held its 2026 Work Conference in Beijing. The meeting aimed to be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference, align with General Secretary Xi Jinping’s important instructions on the work of central SOEs and his inspections of Shengli Oilfield and Jiujiang Petrochemical, and carry out the requirements of the central SOE leaders’ meeting. The conference reviewed 2025 performance and achievements during the 14th Five-Year Plan period, studied development ideas and target tasks for the 15th Five-Year Plan, and deployed key tasks for 2026, mobilizing cadres and employees to forge ahead, overcome challenges, and comprehensively launch a new journey of “second entrepreneurship” to advance high-quality development and ensure a strong start to the 15th Five-Year Plan.

Hou Qijun, Party Secretary and Chairman of Sinopec Group, conveyed General Secretary Xi Jinping’s important instructions on central SOEs and delivered a keynote report titled “Fully Launching a New Journey of Second Entrepreneurship and Writing a New Chapter in Revitalizing Sinopec in the New Era.” Zhao Dong, General Manager and Deputy Party Secretary, presented a production and operations report.

Review of 2025 and the 14th Five-Year Plan
The conference noted that in 2025 and throughout the 14th Five-Year Plan period, Sinopec earnestly implemented the decisions of the CPC Central Committee and the State Council, strengthened political discipline and Party building, and achieved new progress across all areas. Energy supply security was further enhanced, transformation and upgrading gained momentum, reform and innovation accelerated, management and risk control were strengthened, and comprehensive and strict Party governance continued to deepen. Over the past five years, the company achieved remarkable results in high-quality development, earned consecutive A-level performance ratings among central SOEs, made solid progress in industrial restructuring, achieved breakthroughs in key core technologies, improved the modern corporate governance system with Chinese characteristics, and fostered a continuously improving political ecosystem.

Overall Thinking and Goals for the 15th Five-Year Plan (2026–2030)
The conference emphasized that the 15th Five-Year Plan period will be a challenging yet critical stage for breakthrough and transformation. Sinopec will fully launch a new journey of “second entrepreneurship,” accelerate transformation and upgrading, enhance quality and efficiency, strengthen innovation leadership, and deepen reform. The goal is to better serve national strategies, support high-quality economic and social development, improve people’s livelihoods, and shoulder social responsibilities, contributing greater strength to Chinese modernization.

Hou Qijun stressed that “second entrepreneurship” is a strategic choice in response to new circumstances and tasks. Its fundamental mission is to advance high-quality development by fostering innovation and entrepreneurship, accelerating the building of a world-class enterprise, and achieving higher-level revitalization. The core pathway lies in transformation and upgrading—renovating traditional industries to consolidate the “first growth curve” while expanding emerging industries to build the “second growth curve.” The driving force is comprehensive reform and innovation, reshaping business development, organizational systems, operating models, investment structures, and growth momentum. The essential guarantee is upholding the Party’s overall leadership and advancing full and strict Party governance.

During the 15th Five-Year Plan period, Sinopec will adhere to six principles: upholding Party leadership, high-quality development, “four-oriented” operations, reform and innovation, coordinated development and security, and shared growth between employees and the enterprise. Centered on building a world-leading modern energy and chemical company, Sinopec will implement six major strategies—innovation-driven development, transformation and upgrading, resource security, market expansion, cost leadership, and open cooperation—and build a new industrial structure described as “one base, two wings, three chains, and four new areas.” By 2030, significant results are expected in high-quality development through second entrepreneurship, and by 2035 the company aims to be among the industry leaders in high-quality development.

Key Focus Areas
The “one base” refers to strengthening oil, gas, coal, and other mineral resources to build an integrated, multi-energy complementary energy system. The “two wings” emphasize refining and chemical businesses, focusing on cost reduction in bulk products and upgrading toward high-end products. The “three chains” target enhanced sales capabilities and efficiency in refined oil products, natural gas, and chemical products. The “four new areas” include new energy, new materials, new business models, and new growth tracks.

Key Tasks for 2026
For 2026, Sinopec will focus on six major “tough battles”:

• Strengthening safety, environmental protection, and green low-carbon development;

• Enhancing energy security by increasing domestic oil and gas exploration and development and improving infrastructure safety;

• Advancing market development to build strong sales terminals for refined products, natural gas, and chemicals;

• Improving quality and efficiency through cost reduction and risk control;

• Promoting integrated innovation across technology, industry, and finance;

• Deepening reform to enhance governance and market-oriented operations.

Zhao Dong emphasized that 2026 is both the opening year of the 15th Five-Year Plan and the starting year of Sinopec’s second entrepreneurship. The company will focus on strengthening its resource base, accelerating industrial chain transformation, optimizing sales chains, cultivating new growth drivers, stimulating internal vitality, and firmly safeguarding safety and environmental bottom lines to achieve high-quality completion of annual targets.