SINOPEC Zhejiang Oil Products Company was first founded in 1950, and then renamed Petroleum Corporation of Zhejiang Province in 1990. The company was rearranged under SINOPEC in Aug. 1998, and was restructured in April 2000, according to SINOPEC Corp.’s unified arrangement. Its main business, assets and all staff were under the control of SINOPEC Corp. and thus SINOPEC Zhejiang Oil Products Company was set up.
SINOPEC Zhejiang Oil Products Company (hereinafter referred to as Zhejiang Oil Products Company) is the largest enterprise dealing with finished oil in the province. Its business scope includes: sales and storage of petroleum and its products, natural gas, petrochemical products, chemical fiber and other chemical products.

The operating units or business outlets of the company spread all over the province. It owns perfect facilities for oil storage and transportation. The company has 29 oil depots of strategic importance, with a total storage volume of 1300,000 m3. It has a network of 1,949 gas station, furthermore, it has accomplished the pipe-transportation line for finished oil laying from Zhenhai to Hangzhou and from Jinshan to Jiaxing to huzhou.
By the end of 2010, its total assets reached ￥15.336billion with over 24,000 employees. In 2010, the company sold over 13.04 million tons of finished oil. The sales net income was ￥84.3billion. All economic indices of the company have continuously ranked first in SINOPEC’s Sales Company.

In 2010, while facing the tough market conditions and the fierce competitions, by keeping on management reforming and innovation; providing high quality and standard quantity service with better marketing and sales network; strengthening on operating safely; improving the staff’s ability education; forming the harmonious organizational culture, the company did its utmost to successfully achieve all yearly business indicators, meanwhile the company was ranked first in many activities hold by Sinopec Marketing Company, such as “Reinforcing Year of Management”, “Compare, Learn, Chase, Help, Surpass”, which is aimed to fully improve the level of management, and “the competitions of job occupation skill”. The company has been awarded as “Advanced unit of Safety Production” in SINOPEC group for 13 consecutive years and two achievements of the company's management innovation won the first and second prizes of the SINOPEC’s “the 19th Management Innovation Competition”.