Jan 19, 2015 | By Alec

Yesterday Sinopec, which is short for China Petroleum & Chemical Corporation, announced it will establish innovation works and a 3D printing branch. The company, which is the fifth biggest company in the world in terms of revenue and the second biggest chemical producer on the planet, recognised 3D printing as a key element in sustainable economic growth in the future.

Sinopec Chairman Fu Chengyu proposed that, when talking about the company's plans in the near future, the company should focus on a simple equation of: 'development + manufacturing + service.'

Fu Chengyu went on to state that Sinopec will carry out three series of transitions: first, a systematic transfer from extensive development to intensive development; secondly, a transfer from their 'oil + chemical' industry structure to one consisting of 'energy + material'. And finally, a third transition that will focus on switching their current focus on creating value through manufacturing to one relying on technological innovation and services to create value. In addition, Sinopec has also announced the creation of innovative parks, where anyone can propose ideas. Once these ideas are approved, project proposers are free to organize teams which will be fully funded by Sinopec.

In terms of future economic growth, Fu chengyu made a series of propositions. The first is to extend the natural gas industry; the second is the development of non-oil businesses and the promotion of cross-industry integration management. Thirdly, expanding the energy and environmental protection industry, including setting up a professional company. Fourthly, to develop new energy and, finally, to focus on researching and developing new materials, including 3D printing businesses and the creation of conditions that will enable 3D printing materials to be developed. Fu chengyu stated that Sinopec will focus on automotive-derived demand and will continue to be involved the development and expansion of convenience stores, auto services, Online to Offline initiatives, insurance, finance and other areas of cross-industry operations.

 

Posted in 3D Printing Materials

 

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