The predecessor of Sinopec Qingdao Petrochemical Co Ltd (中国石化青岛石油化工有限责任公司) was the Qingdao petrochemical plant which was founded in 1962. In 2007, it became a wholly owned subsidiary of Sinopec Group. 

The company's crude oil processing capacity is 3.5 million tons per year. It is a production base of high-acid crude oil processed by Sinopec and has 20 sets of equipment enabling atmospheric and vacuum decompression, catalytic cracking, coking, hydrogenation, reforming, and production of more than 20 kinds of products including polypropylene. 

The plant of the company is adjacent to Huangdao oil port. One crude oil pipeline directly leads to Huangdao oil port and oil depot, and another two gas and diesel oil pipelines connect to the oil depot of Qingdao Oil Company. And there is also a dedicated railway line which can be connected to the Jiaozhou-Jinan railway.