Sinochem integrating technology, internet

Sinochem Group, one of China's four largest oil companies, is making efforts to combine internet technology with its traditional business.

Sinochem Energy High-Tech Co Ltd, a newly established subsidiary of the group, announced a car plate payment system last week that allows drivers to refuel their cars once a camera scans its license plate.

The information will be transferred to a data cloud that will analyze the customer's information and deduct payments from their account automatically. This system cuts refueling time to less than two minutes.

The system will be promoted to more stations next month, said Wang Jian, deputy general manager of the company. "More stations will be equipped with high technology in the future to bring convenience to drivers," Wang said.

In fact, the car plate payment system is only one of the company's internet-plus products.

It has developed a system that can help gas station owners better manage the operation – making the stations smarter.

It's a platform that allows station operators to manage their staff, procure oil products and do marketing activities.

"It's a comprehensive service platform for all gas stations," Wang said. "Up to 5,100 stations all over the nation have adopted this platform by now, and we will continue to introduce it to more gas stations."

Since the threshold of the petroleum and chemical industry is relatively higher than others, many large internet companies are actively cooperating with energy companies by forming joint ventures.

Sinochem Energy High-Tech Co was established in February with such an arrangement. It's the first company in China which has applied blockchain technology to the energy business.

"Crude oil imports based on blockchain technology can cut 30 percent of costs," Wang said. "Although our group company has seen good profits in recent years, we can feel more challenges in this industry, which will require us to embrace change in the future."

In 2017, Sinochem had revenue of 521 billion yuan ($81.4 billion), its highest since 1950. Profits reached 13.5 billion yuan last year, the highest since 2012.