SINOPEC Shanghai Petrochemical Co., Ltd. and Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. are both core backbone enterprises directly under Sinopec , and are parallel sister companies within the same group. They are independent legal entities, have independent plant areas, are not subordinate to each other, and do not hold shares in each other. They are the two major core refining and chemical production bases in Shanghai. Specifically, Shanghai Petrochemical is a large-scale, listed, integrated refining, chemical, and fiber production base, focusing on ethylene, chemical fibers, resins, and new materials; Gaoqiao Petrochemical is a non-listed, urban refinery, focusing on clean oil products, high-end lubricants, specialty rubbers, and fine chemicals.
Basic Information Comparison
I. Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. / SGPC
- Company Type: Non-listed Limited Liability Company
- Shareholding Structure: 55% held by Sinopec Corporation, 45% held by Sinopec Group Asset Management Company
- Plant Location: Pudong New Area, Shanghai, covering approximately 4.2 square kilometers
- Development History: Approved for establishment in 1981, it was the first cross-industry super-large petrochemical conglomerate in China; incorporated into the Sinopec direct system in 1983; restructured into its current entity in 2016, it is a core entity enterprise in the Shanghai Free Trade Zone
- Core Capacity: Annual crude oil processing capacity of 13 million tons; no self-owned ethylene unit, relying on the group and SECCO Petrochemical for raw material support production
- Company Positioning: A core urban refinery in Shanghai, a 10-million-ton-level clean energy production base, a leading high-end fine chemical company, and a core supply base for domestic aviation kerosene and specialty oil products
II. Shanghai Petrochemical Co., Ltd. / SPC
- Company Type: A+H share listed company (600688.SH/00338.HK)
- Shareholding Structure: China Petroleum & Chemical Corporation (Sinopec) holds approximately 51.81%, with the remainder being publicly traded shares.
- Plant Location: Jinshanwei, Jinshan District, Shanghai, covering approximately 10 square kilometers, a much larger plant area than Gaoqiao Petrochemical.
- Development History: Formerly known as Shanghai Petrochemical General Plant established in 1972, it completed its shareholding reform and went public in 1993. It is a long-established benchmark enterprise for large-scale integrated refining and chemical production in China.
- Core Capacity: Annual crude oil processing capacity of 14 million tons, with its own 700,000 tons/year ethylene unit (core capacity), forming a complete upstream and downstream petrochemical industry chain.
- Company Positioning: National-level large-scale integrated refining and chemical base, leading domestic chemical fiber industry, and R&D and production base for high-end polyolefins and carbon fiber new materials.
Comparison of Core Main Products between Shanghai Petrochemical and Gaoqiao Petrochemical
I. Gaoqiao Petrochemical Core Products (Advantages: Oils, Specialty Oils, Rubber, Fine Chemicals) Primarily focused on deep oil refining and processing + fine chemicals; leading global and domestic market share for key products; no chemical fiber products.
- Clean Refining Products: National VI standard gasoline, diesel, No. 3 aviation kerosene (mainly supplying Pudong and Hongqiao airports), liquefied petroleum gas, petroleum coke, industrial sulfur, solvent oil
- Specialty Oils (Core Advantage): High-end Group II/III/IV lubricating oil base oils, lithium battery separator oils, fully refined/semi-refined paraffin wax, industrial white oil, heat transfer oil
- Synthetic Chemical Raw Materials: Phenol, acetone (domestic leading production capacity)
- Polymer Materials: ABS resin (low odor, low temperature resistant high-end models), butadiene rubber, solution-polymerized styrene-butadiene rubber, low-cis rubber
- Fine Chemical Flagship Products: Polyether polyols (domestic leading production capacity), DCP (dicumyl peroxide, the world's largest supplier, with a global market share of over 50%, a core exclusive advantage product)
II. Shanghai Petrochemical Core Products (Advantages: Ethylene, Chemical Fibers, Plastics, New Materials) Focusing on a complete refining-ethylene-chemical fiber-new materials industrial chain, it is one of the few integrated enterprises in China that combines refining, basic chemicals, chemical fibers, and high-end new materials. - Basic Refining Products: Gasoline, Diesel, No. 3 Aviation Kerosene, Liquefied Petroleum Gas, Petroleum Coke, Asphalt
- Basic Chemical Raw Materials (Core Barrier): Ethylene, Propylene, Benzene, Toluene, Xylene (PX), Ethylene Glycol, Ethylene Oxide, Styrene, and other vinyl raw materials
- Synthetic Resin Plastics: High and Low Pressure Polyethylene (PE), Various Specialty Polypropylene (PP), General-Purpose and Modified ABS, Polystyrene (PS), High-End Cable Materials, Pipe-Specific Polyolefin Materials
- Chemical Fiber Series (Traditional Flagship): Polyester, Polyester Chips, PTA, Acrylic Fiber (Cotton Type, Wool Type, Anti-Pilling, etc., Full Range, Leading Domestic Production Capacity)
- High-End New Materials (Strategic Core): 48K/60K Large Tow Carbon Fiber (First Domestic Enterprise to Industrialize, Breaking Foreign Monopoly), Ultra-Clean High-End Chemical Specialty Materials
Shanghai Petrochemical and Gaoqiao Petrochemical Synergistic Relationship: Although the two companies operate independently, they rely on the Sinopec Group system to form a closed-loop industrial chain synergy in the Shanghai region. The core carrier is Shanghai SECCO Petrochemical. - SECCO's shareholding structure: Gaoqiao Petrochemical holds 50%, Sinopec Group holds 30%, and Shanghai Petrochemical holds 20%.
- Industrial division of labor: SECCO owns Shanghai's largest 1.09 million tons/year ethylene plant. The core ethylene feedstock produced is supplied to Shanghai Petrochemical for the production of chemical fibers and resins, and to Gaoqiao Petrochemical for the production of ABS, rubber, phenol, acetone, and other products, forming a regional petrochemical industrial cluster with mutual feedstock supply and upstream and downstream complementarity.
- Group synergy: Crude oil, intermediate materials, and finished products from both parties can be allocated within Sinopec Group, ensuring unified resource allocation and guaranteeing the supply of energy and chemical raw materials in the Yangtze River Delta region.
Summary of Key Differences between Shanghai Petrochemical and Gaoqiao Petrochemical
- Listing Status: Shanghai Petrochemical is a publicly listed company; Gaoqiao Petrochemical is a non-listed state-owned enterprise.
- Core Industrial Chain: Shanghai Petrochemical's industrial chain is refining → ethylene → plastics → chemical fibers → carbon fiber new materials; Gaoqiao Petrochemical's industrial chain is refining → specialty oils → rubber/ABS → high-end fine chemicals.
- Core Advantage Products: Shanghai Petrochemical's core advantages are ethylene, acrylic fiber, polyester, and large-tow carbon fiber; Gaoqiao Petrochemical's core advantages are jet fuel, high-end lubricating oil, paraffin wax, DCP, specialty rubber, and high-end ABS.
- Capacity Shortcomings: Shanghai Petrochemical has its own large-scale ethylene plant, with a complete industrial chain; Gaoqiao Petrochemical does not have its own ethylene plant and relies on external raw material suppliers. Plant positioning: Shanghai Petrochemical is a large-scale integrated refining and chemical base in the suburbs; Gaoqiao Petrochemical is a green refinery in the city center, focusing on low-pollution, high-value-added fine products. Shanghai Petrochemical is a large-scale, full-chain, new materials-oriented listed refining, chemical and fiber leader in Sinopec's Shanghai sector; Gaoqiao Petrochemical is a fine, high-value-added, city-friendly non-listed oil and fine chemical leader in Sinopec's Shanghai sector. The two sister companies rely on the synergy and complementarity of SECCO Petrochemical to jointly form the core petrochemical energy security system of Shanghai and the Yangtze River Delta.
