Established in February, 1993, China International United Petroleum & Chemicals Co., Ltd.(UNIPEC) is a wholly-owned subsidiary to China Petroleum & Chemical Corporation (Sinopec) and is China's largest international trade company. Its business mainly covers four areas, including trade in crude oil, oil products and LNG and warehousing & logistics. In 2011, UNIPEC's oil trading volume stood at 220 million tons, with a total turnover of more than 170 billion US dollars.