According to the official website, the predecessor of China Petrochemical Group Co., Ltd. is China Petrochemical Corporation, which was established in July 1983. In July 1998, according to the deployment of the CPC Central Committee on the implementation of strategic restructuring of the petrochemical industry, China Petrochemical Corporation was reorganized and established on the basis of the former China Petrochemical Corporation. In August 2018, it was restructured into China Petrochemical Corporation. The company is a super large petroleum and petrochemical enterprise group with a registered capital of 326.5 billion yuan. The chairman is the legal representative and headquartered in Beijing.

    At present, Sinopec is the largest supplier of refined oil and petrochemical products in China and the second largest oil and gas producer. It is the world's largest oil refining company and the second largest chemical company. The total number of gas stations ranks second in the world and ranks second among the Fortune Global 500 enterprises in 2020.

    Ma Yongsheng's important task is to lead the transformation of the country's largest refining and chemical enterprise. It is understood that during the "14th five year plan" period, Sinopec will build an industrial pattern of "one base, two wings and three new", accelerate the development of new energy business with hydrogen energy as the core, build a world leading clean energy chemical company, and help achieve the goals of carbon peak and carbon neutralization.

    "One base" means to lay a solid foundation for energy resources and effectively improve the capacity of oil and gas reserves and primary energy; "Two wings", that is, to improve the development quality of clean oil products and modern chemical industry; "Three new" means to explore new energy, new materials and new economy and realize the transformation of old and new kinetic energy.

    Sinopec disclosed in March this year that the company will ensure that the peak of carbon dioxide will be achieved before the national carbon peak target (2030), and strive to achieve carbon neutralization by 2050, 10 years ahead of the national target.

    Hydrogen energy is the main direction of Sinopec in new energy business. At the above performance meeting, Sinopec disclosed that the company plans to transform into China's largest hydrogen energy company in the future and promote hydrogen energy as a strategic industry in the whole industrial chain.

    During the "14th five year plan" period, Sinopec plans to arrange 1000 hydrogenation stations or oil hydrogen joint construction stations, which is about eight times the total number of national hydrogenation stations by the end of 2020. At the same time, Sinopec plans to make full use of the great development of low-carbon energy and natural gas, as well as the storage and utilization of carbon dioxide, and introduce green electricity, carbon free energy and even negative carbon energy.

    During the "two sessions" in 2021, Ma Yongsheng, as a member of the CPPCC National Committee, said that China has made some significant progress in hydrogen energy related technologies, but the hydrogen energy industry is still in the stage of pilot demonstration and market promotion, and there are still some problems in its long-term development. He suggested that the development of hydrogen energy industry should be accelerated, and more efforts should be made in top-level design, core technology research, standard system formulation and industrial policy support to ensure national energy security.