China Petroleum & Chemical Corporation, an energy and chemical company, engages in oil and gas, and chemical operations primarily in the People’s Republic of China. Its oil and gas operations principally consist of the exploration, development, and production of crude oil and natural gas in China and Africa. The company operates 16 oil and gas production fields in China. As of December 31, 2011, the company held 92 production licenses with an aggregate acreage of 20,325.98 square kilometers in China; 2 production licenses with an aggregate acreage of 322.57 square kilometers in Africa; and 297 exploration licenses with an aggregate acreage of approximately 966, 800 square kilometers in China. Its oil and gas operations also include refining crude oil into finished petroleum products; transporting crude oil and natural gas by pipelines; marketing and distributing crude oil, natural gas, and refined petroleum products; and operating a network of company-owned and franchised retail service stations and petroleum shops. The company operates 34 refineries in China. Its refined petroleum products include gasoline, diesel, kerosene, jet fuel, light chemical feedstock, lubricants, liquefied petroleum gas, and fuel oil. In addition, the company engages in the production and sale of petrochemical products, including intermediate petrochemicals, synthetic resins, synthetic fiber monomers and polymers, synthetic fibers, synthetic rubber, and chemical fertilizers. As of December 31, 2011, its estimated proved reserves of crude oil and natural gas were 3,966 million barrels-of-oil equivalent, including 2,848 million barrels of crude oil and 6,709 billion cubic feet of natural gas. The company was founded in 2000 and is headquartered in Beijing, the People’s Republic of China. China Petroleum & Chemical Corporation is a subsidiary of China Petrochemical Corporation.