Sinopec is focussing heavily on Asia Pacific for growth
Fu Chengyu's New Year's address Image: Sinopec |
The Chinese oil major's "go out" policy, championed by Chairman Fu Chengyu, has resulted in a significant increase in international brand awareness, especially across Asia Pacific countries.
After its first foray into Southeast Asian countries in 2004, the state-owned giant now has a presence in over 50 countries across the region.
Sinopec has achieved significant success across Australia, where strong demand for mining lubricants helped establish its brand in the market. In February 2014, Sinopec has also appointed a new Australian distributor and added new management to help it access the lucrative consumer lubes segment.
A survey taken in neighbouring New Zealand found over 60% of consumers recognised the Sinopec brand. There, the company has been building relationships with agricultural equipment manufacturers to suit the country's agrarian economy.
The Chinese major has also strengthen OEM ties with automotive and industrial equipment producers in India and Bangladesh.
Asia's largest refiner is also focussing on the quality of its offering, both at home and abroad. Over 90% of lubricants sold internationally were classified as mid-high end, while the pure high-end segment comprised over 40% of total international sales.
In a New Year's address to overseas workers, Fu claims the company's focus on "quality and effectiveness" helped it achieve steady growth across the majority of international markets it has invested in.