(Yicai Global) Nov. 10 -- China Petrochemical Corp. -- better known as Sinopec Group -- has set up a new subsidiary specializing in providing shared financial, human resources and information technology service solutions, ushering in a 'service sharing' era for the leading oil refiner ahead of all other Chinese central government-controlled enterprises.

Sinopec Service Sharing Co. will build a fully integrated, 'functionalized' service support platform, providing clients with shared services and specialist support via Big Data analysis and advisory services. Its shared service business encompasses oilfields and refineries and chemical, marketing, research and specialized companies, and it will further expand to service all Sinopec's domestic and overseas subsidiaries and branches, as well as external clients, cnstock.com reported yesterday.

Sinopec Group piloted shared financial service operations in 2013, marking the start of its branching out into the service sharing business. A multi-functional and integrated service sharing system formed this year. Service sharing has proven very effective in improving management and resource allocation -- more precisely, in terms of workflow optimization and enhancing the efficiency of business and management operations.

The establishment of the service sharing firm can help Sinopec step up business transformation, improve operational and management efficiency and risk prevention and control capabilities, deepen internal reforms and achieve sustainable development, noted Li Yunpeng, the party committee deputy secretary and deputy general manager of Sinopec Group. It is further conducive to core business transition and enhanced core competitiveness and value creation.