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Related Party Transactions (Tables)
12 Months Ended
Dec. 31, 2019
Related party transactions [abstract]  
Summary of major related parties

Names of related parties

  

Relationship with the Company

Sinopec Group

   Ultimate parent company

JYJC

   Joint venture of the Group

BOC

   Joint venture of the Group

Jinpu

   Joint venture of the Group

Yangu Gas

   Joint venture of the Group

Azbil

   Associate of the Group

Chemical Industry

   Associate of the Group

Jinsen

   Associate of the Group

Secco

   Associate of the Group

Shanghai Carbon Fiber Composites Innovation Research Institute Energy

   Associate of the Group

Shanghai Chemical Industry Park Logistics Company Limited

   Associate of the Group

Shanghai Jinhuan Petroleum Naphthalene Development Company Limited

   Associate of the Group

Shanghai Nam Kwong Petro-Chemical Company Limited

   Associate of the Group

Shidian Energy

   Associate of the Group

Anqing Refinery Shuguang Oxo Company Limited

   Subsidiary of the immediate parent company

BASF Gao-Qiao Performance Chemicals(Shanghai) Company Limited

   Subsidiary of the immediate parent company

China International United Petroleum and Chemical Company Limited

   Subsidiary of the immediate parent company

China Petrochemical International (Nanjing) Company Limited

   Subsidiary of the immediate parent company

China Petrochemical International Beijing Company Limited

   Subsidiary of the immediate parent company

China Petrochemical International Ningbo Company Limited

   Subsidiary of the immediate parent company

China Petrochemical International Tianjin Company Limited

   Subsidiary of the immediate parent company

China Petrochemical International Wuhan Company Limited

   Subsidiary of the immediate parent company

China Petrochemical Technology Company Limited

   Subsidiary of the immediate parent company

Dalian Frip Science and Technology Company Limited

   Subsidiary of the immediate parent company

Epec Commercial Factoring Company Limited

   Subsidiary of the immediate parent company

Fujian Gulei Petrochemical Company Limited

   Subsidiary of the immediate parent company

Fujian Refining & Petrochemical Company Limited (FREP)

   Subsidiary of the immediate parent company

Nanjing Yangzi Petrochemical Rubber Company Limited

   Subsidiary of the immediate parent company

Ningbo Eastsea Linefan Technology Company Limited

   Subsidiary of the immediate parent company

PetroChina International (Singapore) Pte. Ltd

   Subsidiary of the immediate parent company

Petro-CyberWorks Information Technology Company Limited

   Subsidiary of the immediate parent company

Qingdao Sinosun Management System Certification Center Company Limited

   Subsidiary of the immediate parent company

Shanghai Jinshan Trading Corporation

   Subsidiary of the immediate parent company

Shanghai KSD Bulk Solids Engineering Company Limited

   Subsidiary of the immediate parent company

Shanghai Leader Catalyst Company Limited

   Subsidiary of the immediate parent company

Shengli Oil Field Exploration And Development Research Institute

   Subsidiary of the immediate parent company

Sinopec Beijing Research Institute of Chemical Industry

   Subsidiary of the immediate parent company

Sinopec Catalyst Company Limited

   Subsidiary of the immediate parent company

Sinopec Chemical Commercial Holding (Hong Kong) Company Limited

   Subsidiary of the immediate parent company

Sinopec Chemical Commercial Holding Company Limited

   Subsidiary of the immediate parent company

Sinopec Dalian (Fushun) Research Institute of Petroleum and Petrochemicals

   Subsidiary of the immediate parent company

Sinopec Europe Company Limited

   Subsidiary of the immediate parent company

Sinopec Group Beijing Yanshan Petrochemical Company Limited

   Subsidiary of the immediate parent company

Sinopec Honeywell(Tianjin) Company Limited

   Subsidiary of the immediate parent company

Sinopec Japan Company Limited

   Subsidiary of the immediate parent company

Sinopec Lubricating Oil Shanghai Research Institute Company Limited

   Subsidiary of the immediate parent company

Sinopec Materials & Equipment (East China) Company Limited

   Subsidiary of the immediate parent company

Sinopec Refinery Product Sales Company Limited

   Subsidiary of the immediate parent company

Sinopec Research Institute of Petroleum Processing

   Subsidiary of the immediate parent company

Sinopec Safety Engineering Institute

   Subsidiary of the immediate parent company

Sinopec Shanghai Research Institute of Petrochemical Technology

   Subsidiary of the immediate parent company

Sinopec Shanghai Gaoqiao Petrochemical Company Limited

   Subsidiary of the immediate parent company

Sinopec Yangzi Petrochemical Company Limited

   Subsidiary of the immediate parent company

Sinopec Yizheng Chemical Fibre Company Limited

   Subsidiary of the immediate parent company

Sinopec International Company Limited

   Subsidiary of the immediate parent company

Sinopec Nanjing valve supply reserve centers

   Subsidiary of the immediate parent company

Sinopec Qingdao Refining&Chemical Company Limited

   Subsidiary of the immediate parent company

Storage And Transportation Installation Company of Ningbo Engineering Company Limited

   Subsidiary of the immediate parent company

Unipec (Ningbo) International Logistics Company Limited

   Subsidiary of the immediate parent company

Unipec America, Inc

   Subsidiary of the immediate parent company

Unipec Singapore

   Subsidiary of the immediate parent company

Zhoushan Shihua Crude Oil Terminal Company Limited

   Subsidiary of the immediate parent company

BASF-YPC Company Limited

   Joint venture of the immediate parent company

Zhejiang Baling Hengyi Caprolactam Limited Company

   Joint venture of the immediate parent company

Beijing Petrochemical Engineering Consulting Company Limited

   Subsidiary of the ultimate parent company

Beijing Shihua Hotel

   Subsidiary of the ultimate parent company

Beijing Victory Hotel Company Limited

   Subsidiary of the ultimate parent company

China Petrochemical Press Company Limited

   Subsidiary of the ultimate parent company

Jiangsu Jinling Opta Polymer Company Limited

   Subsidiary of the ultimate parent company

National Petrochemical Project Risk Assessment Technology Center

   Subsidiary of the ultimate parent company

Petrochemical Engineering Quality Supervision Centre

   Subsidiary of the ultimate parent company

Shanghai Petrochemical Machinery Manufacture Limited Company

   Subsidiary of the ultimate parent company

Shanghai Petrochemical Seawall Management Office

   Subsidiary of the ultimate parent company

Shanghai Sanopec Company Limited

   Subsidiary of the ultimate parent company

Sinopec Assets Management Corporation

   Subsidiary of the ultimate parent company

Sinopec Consulting Company Limited

   Subsidiary of the ultimate parent company

Sinopec Economics & Development Research Institute

   Subsidiary of the ultimate parent company

Sinopec Energy Saving Technology Service Company Limited

   Subsidiary of the ultimate parent company

Sinopec Engineering Incorporation

   Subsidiary of the ultimate parent company

Sinopec Finance

   Subsidiary of the ultimate parent company

Sinopec Group Shanghai Training Center

   Subsidiary of the ultimate parent company

Sinopec International Travel Service Company Limited

   Subsidiary of the ultimate parent company

Sinopec Luoyang Engineering Company Limited

   Subsidiary of the ultimate parent company

Sinopec Management Institute

   Subsidiary of the ultimate parent company

Sinopec Nanjing Chemical Industries Company Limited

   Subsidiary of the ultimate parent company

Sinopec Nanjing Engineering Company Limited

   Subsidiary of the ultimate parent company

Sinopec News

   Subsidiary of the ultimate parent company

Sinopec Ningbo Engineering Company Limited

   Subsidiary of the ultimate parent company

Sinopec Petroleum Commercial Reserve Company Limited

   Subsidiary of the ultimate parent company

Sinopec Shanghai Engineering Company Limited

   Subsidiary of the ultimate parent company

Sinopec Shared Services Company Limited

   Subsidiary of the ultimate parent company

Sinopec Tendering Company Limited

   Subsidiary of the ultimate parent company

Sinopec Zhongyuan Oilfield

   Subsidiary of the ultimate parent company

Sinopec (Shenzhen) E-Commerce Company Limited

   Subsidiary of the ultimate parent company

The Fifth Construction Company of Sinopec

   Subsidiary of the ultimate parent company

The Fourth Construction Company of Sinopec

   Subsidiary of the ultimate parent company

The Tenth Construction Company of Sinopec

   Subsidiary of the ultimate parent company

Yihua Tory Polyester Film Company Limited

   Subsidiary of the ultimate parent company
Transactions between the Group and Sinopec Corp., its subsidiaries and joint ventures
     2017      2018      2019  
     RMB’000      RMB’000      RMB’000  

Sales of petroleum products

     39,992,682        49,209,765        50,354,162  

Sales other than petroleum products

     6,708,955        7,112,332        8,642,514  

Purchases of crude oil

     34,819,936        44,175,644        43,886,966  

Purchases other than crude oil

     4,987,955        8,996,814        9,579,239  

Sales commissions

     116,616        139,837        125,619  

Rental income

     28,368        29,551        31,972  
Other transactions between the Group and Sinopec Group and its subsidiaries, associates and joint ventures of the Group
     2017      2018      2019  
     RMB’000      RMB’000      RMB’000  

Sales of goods and service fee income

        

- Sinopec Group and its subsidiaries

     10,531        11,486        7,724  

- Associates and joint ventures of the Group

     3,043,689        4,130,295        2,843,909  
  

 

 

    

 

 

    

 

 

 
     3,054,220        4,141,781        2,851,633  
  

 

 

    

 

 

    

 

 

 

Purchase

        

- Sinopec Group and its subsidiaries

     378,111        2,253,446        1,918,873  

- Associates and joint ventures of the Group

     4,034,448        3,982,729        4,579,969  
  

 

 

    

 

 

    

 

 

 
     4,412,559        6,236,175        6,498,842  
  

 

 

    

 

 

    

 

 

 

Insurance premiums expenses

        

- Sinopec Group and its subsidiaries

     126,405        121,329        108,223  
  

 

 

    

 

 

    

 

 

 

Lease expenses

        

- Sinopec Group and its subsidiaries

     53,960        59,160        -  
  

 

 

    

 

 

    

 

 

 

Depreciation of right-of-use assets

        

- Sinopec Group and its subsidiaries

     —          —          80,552  

- Joint ventures of the Group

     —          —          88  
  

 

 

    

 

 

    

 

 

 
     —          —          80,640  
  

 

 

    

 

 

    

 

 

 

Interest expense of lease liabilities

        

- Sinopec Group and its subsidiaries

     —          —          2,285  

- Joint ventures of the Group

     —          —          19  
  

 

 

    

 

 

    

 

 

 
     —          —          2,304  
  

 

 

    

 

 

    

 

 

 

Loans borrowed

        

- Sinopec Finance

     -        50,000        -  
  

 

 

    

 

 

    

 

 

 

Interest income

        

- Sinopec Finance

     5,147        610        1,295  
  

 

 

    

 

 

    

 

 

 

Loans repayment

        

- Sinopec Finance

     -        50,000        -  
  

 

 

    

 

 

    

 

 

 

Interest expense

        

- Sinopec Finance

     -        1,326        -  
  

 

 

    

 

 

    

 

 

 

Construction and installation cost

        

- Sinopec Group and its subsidiaries

     172,404        109,146        143,560  
  

 

 

    

 

 

    

 

 

 

Rental income

        

- Associates and joint ventures of the Group

     -        -        11,370  

- Sinopec Group and its subsidiaries

     -        -        461  
  

 

 

    

 

 

    

 

 

 
     -        -        11,831  
  

 

 

    

 

 

    

 

 

 
The relevant amounts due from/to related parties
     As at 31 December  
     2018      2019  
     RMB’000      RMB’000  

Amounts due from related parties

     

- Sinopec Corp., its subsidiaries and joint ventures

     2,142,731        1,505,836  

- Sinopec Group and its subsidiaries

     457        -  

- Associates and joint ventures of the Group

     143,061        60,157  
  

 

 

    

 

 

 
     2,286,249        1,565,993  
  

 

 

    

 

 

 

Amounts due to related parties

     

- Sinopec Corp., its subsidiaries and joint ventures

     4,238,963        4,756,382  

- Associates and joint ventures of the Group

     283,717        749,459  

- Sinopec Group and its subsidiaries

     45,134        202,553  
  

 

 

    

 

 

 
     4,567,814        5,708,394  
  

 

 

    

 

 

 

Lease liabilities

     

- Sinopec Group and its subsidiaries

     —          15,571  

- Joint ventures of the Group

     —          698  
  

 

 

    

 

 

 
     —          16,269  
  

 

 

    

 

 

 

Cash deposits, maturing within 3 months

     

- Sinopec Finance

     22,082        67,015  
  

 

 

    

 

 

 
Key personnel compensations
     Year ended 31 December  
     2017      2018      2019  
     RMB’000      RMB’000      RMB’000  

Short-term employee benefits

     5,926        7,561        9,120  

Post-employment benefits

     143        159        225  

Share-based payments

     505        -        -  
  

 

 

    

 

 

    

 

 

 
     6,574        7,720        9,345  
  

 

 

    

 

 

    

 

 

 
Contributions to defined contribution retirement plans
     Year ended 31 December  
     2017      2018      2019  
     RMB’000      RMB’000      RMB’000  

Municipal retirement scheme costs

     249,578        262,728        258,328  

Supplementary retirement scheme costs

     66,546        75,312        125,370  
  

 

 

    

 

 

    

 

 

 
Commitments with related parties
     As at 31 December  
     2018      2019  
     RMB’000      RMB’000  

Sinopec Group and its subsidiaries

     16,011        156,309  
  

 

 

    

 

 

 
Investment commitments with related parties
     As at 31 December  
     2018      2019  
     RMB’000      RMB’000  

Capital contribution to Shanghai Secco (i)

     111,263        111,263  

Capital contribution to Shidian Energy (ii)

     -        80,000  
  

 

 

    

 

 

 
     111,263        191,263  
  

 

 

    

 

 

 

 

(i)

Pursuant to the resolution of the 18th meeting of the 7th term of Board of Directors on 5 December 2013, the Group was approved to make capital contribution of USD 30,017 thousands (RMB 182,804 thousands equivalent) to Shanghai Secco, an associate of the Group. As at 31 December 2019, the Company has contributed RMB 71,541 thousands to Shanghai Secco. According to the approval by Shanghai Municipal Commission of Commerce as issued on 19 October 2015, the rest of the capital contribution to Shanghai Secco should be within 50 years starting from its registration date.

(ii)

Pursuant to the articles of association of Shidian Energy in August 2019, Toufa agreed to make capital contribution of RMB 400,000 thousands to acquire 40% share of Shidian Energy. As at 31 December 2019, Toufa has contributed RMB 320,000 thousands to Shidian Energy, and the rest of the capital contribution to Shidian Energy should be paid before January 2022 in accordance with the agreement.