Entity

Source: Yangchang Group Hong Kong

Shaanxi Yanchang Petroleum (Group) Co., Ltd. (Chinese: 陕西延长石油（集团）有限责任公司; abbreviated Yanchang Group or YCPC) is a large-scale, vertically integrated state-owned energy and chemical conglomerate headquartered in Xi'an, Shaanxi Province, China (Location retrieved via Baidu maps). The Group is China's fourth-largest oil producer and one of only four companies in China licensed for oil and natural gas exploration and development. It consistently ranks among the Fortune Global 500 since its first inclusion in 2013.

History & Founding

Yanchang Petroleum traces its origins to 1905, making it the oldest oil enterprise in China, established with the approval of the Qing Dynasty government. In 1907, it drilled the first onshore oil well in mainland China — the Yanyi Well (延一井) — and built China's first oil refinery. During the Chinese Civil War and Second World War, the company supplied critical petroleum products to the People's Liberation Army across the Shaanxi-Gansu-Ningxia Border Region. The Group underwent two major restructurings in 1998 and 2005, emerging in its current integrated corporate form as Shaanxi Yanchang Petroleum (Group) Co., Ltd..

Ownership

Yanchang Group is a provincial state-owned enterprise (SOE) fully supervised by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission (Shaanxi SASAC). It is not publicly listed at the group level. As of end-2014, total group assets stood at RMB 273.5 billion. The Group comprises 31 wholly-owned subsidiaries, 27 holding subsidiaries, and 20 joint-stock companies, plus more than 50 operating units.

Core Business

The Group is engaged across the full energy and chemical value chain:

• Upstream: Oil and gas exploration and production, primarily in the Ordos Basin across Shaanxi, Gansu, and Shanxi provinces
• Downstream refining: Operates the Yan'an Refinery, Yongping Refinery, and Yulin Refinery through its Refining and Chemical Company subsidiary
• Coal-to-chemicals: Holds direct and indirect stakes in major coal chemical enterprises in Yulin (see below)
• Storage & logistics: Pipeline transport, LNG, and product distribution
• New energy & materials, equipment manufacturing, engineering, R&D, and financial services

Annual production figures (2021): 11.33 million tons of crude oil produced, 13.22 million tons of crude oil processed, 6.782 billion m³ of natural gas sold, and 6.76 million tons of chemical products.

The Group is transitioning its strategic orientation from "oil dominance" toward "a tripartite balance of oil, gas, and coal, with diversified support from electricity, chemicals, and materials" 

Key Subsidiaries & Investments

Note on Yulin JV shareholding: Yanchang Group's 72.0% stake in Shaanxi Yanchang Coal Yulin Energy and Chemical Co., Ltd. is held directly at the group level — not through Yanchang HK or any other intermediate entity. This is consistent with the JV's founding structure, where Yanchang Group entered directly as co-founder alongside China Coal Energy in May 2010.

Chang'an Huitong — Shared Shaanxi SASAC Vehicle

Chang'an Huitong Co., Ltd. (长安汇通有限公司) and its Hong Kong subsidiary ChangAn HuiTong Investment (HK) Co., Ltd. are wholly-owned subsidiaries of Shaanxi SASAC. Chang'an Huitong holds minority stakes across multiple Yanchang Group affiliates: 8.4% in Yulin Energy and Chemical, 10.0% in Kaiyue Coal Chemical, and ~16.7% in Yanchang Petroleum International (via share subscription completed January 13, 2023). This means Shaanxi SASAC effectively controls ≥80.4% of Shaanxi Yanchang Coal Yulin Energy and Chemical Co., Ltd. through two separate vehicles.

International Operations

Yanchang Petroleum International Ltd. (HKEX: 346.HK) manages the Group's overseas upstream portfolio, including assets in Canada (Novus Energy Inc., acquired 2014 for ~USD 320 million), Madagascar (15% stake via Sino Union Energy/Sunpec, estimated reserves 5.6 billion barrels), and Cameroon (PSA with Société Nationale des Hydrocarbures, Logone Birni Basin). Since launching international crude oil trading in H2 2017, Yanchang HK has procured ~12.86 million metric tons of crude oil generating ~USD 5.74 billion in sales revenue.

New Coal Chemical Projects (2026)

In March 2026, detailed engineering design commenced for a Downstream Ethanol & Acetic Acid Products Project (Phase I) by Yanchang Petroleum Yulin Coal Chemical Co., Ltd., located in Yuheng Industrial Park (Plot C17, South Zone, Coal Chemical Industry Park), with a total investment of RMB 9.86 billion. Core units include a 200,000 tpa ethyl acetate unit, 250,000 tpa ethanol-to-ethylene unit, 250,000 tpa vinyl acetate unit, and 200,000 tpa EVA unit. This project is listed as a key construction project in Yulin City and forms part of the Yulin Methanol Acetic Acid Deep Processing Project.

References

1. Wikipedia — Shaanxi Yanchang Petroleum (Page version: Mar 15, 2026)
2. Yanchang Petroleum Group (Hong Kong) Co., Ltd. — About Us (Accessed Apr 6, 2026)
3. Baidu Baike — Shaanxi Yanchang Coal Yulin Energy and Chemical Co., Ltd. (last updated Jan 13, 2026) 
4. IceCreamTutor / Chinese Business Registry — Shaanxi Yanchang Petroleum (Group) Co., Ltd. (Jun 8, 2024)
5. Global Energy Monitor (GEM) — Yulin Energy Chemical Industry Captive Power Station (feb 12, 2026)
6. Global Chemical Network — Total investment of 9.86 billion yuan: Detailed design work commences for Yanchang Petroleum's Yulin coal chemical project (March 13, 2026)
7. The Laotian Times — Yanchang Petroleum International Introduces Shaanxi SASAC's Subsidiary ChangAn HuiTong as Strategic Shareholder (January 13, 2023)
8. Investing.com — Shaanxi Yanchang Petroleum Chemical Engineering Co. Ltd., Shareholders (600248) (Apr 3,2006)
9. Global Energy Monitor (GEM) — Shaanxi Yulin Kaiyue Coal Chemical Power Station (Feb 12, 2026)