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A Merger Between Sinochem and ChemChina Is Under Way

Issuing time:2020-09-04 08:46



Both Sinochem and SINOCHEM said that the move is aimed at further deepening the reform of state-owned enterprises and optimizing the allocation of resources, which is also a sign of strengthening cooperation between the two.


"The merger of Sinochem and SINOCHEM is in progress, which needs a lot of internal research and procedures. There is a strong need, and we will actively promote it. "


Ning Gaoning, chairman of Sinochem Group and director of China chemical industry group, made the above statement when answering questions at the press conference of the State Council Information Office on September 2.

This means that a giant central enterprise in the chemical industry will soon be born. The rumor of "merger of industrialization and industrialization" has been circulating for several years, but it has not been officially announced.


In June 2018, Ren Jianxin, chairman of Sinopec, retired, and Ning Gaoning, chairman of Sinochem Group, was also the chairman and Secretary of the Party committee of Sinochem. Since then, the expectation of the merger of industrialization and industrialization has been rising.


At the beginning of January this year, the curtain of "integration of industrialization and industrialization" was finally opened in the agricultural sector. Sinochem announced that the main assets of its agricultural sector will be injected into Syngenta group, which was established in June 2019.


At the same time, Sinochem transferred all the shares of Syngenta Co., Ltd. and 74.02% shares of Andorra MAC Co., Ltd. to Syngenta group.


Both Sinochem and SINOCHEM said that the move is aimed at further deepening the reform of state-owned enterprises and optimizing the allocation of resources, which is also a sign of strengthening cooperation between the two.


At the 2020 working conference of Sinochem Group at the beginning of this year, Ning Gaoning disclosed that the company will start an exciting and great journey in 2020. In the past 70 years, Sinochem Group has stood at the turning point many times, and now it is standing at the turning point again. He said that China's chemical consumption accounts for more than 40% of global consumption. As the world's largest chemical power, there is no real large-scale comprehensive multinational chemical enterprise, and the mission should be undertaken by Sinochem Group.


According to public information, Sinochem was founded in 1950, formerly known as China National Chemical Import and Export Corporation, and is now an important state-owned backbone enterprise supervised by SASAC of the State Council. Sinochem Group has set up five business divisions of energy, chemical industry, agriculture, real estate and finance. It has specialized operation of more than 300 business organizations at home and abroad, and holds shares in several listed companies such as Sinochem International, Sinochem chemical fertilizer and China Jinmao, with nearly 60000 employees worldwide.


China chemical industry group is a state-owned enterprise established on the basis of the former Ministry of chemical industry. It is the largest chemical enterprise in China. It ranks 144 among the world's top 500 companies with 148 000 employees and 87 000 employees outside China. The strategic positioning of CHEMCHINA is "new science, new future", with six business sectors of new chemical materials and special chemicals, agricultural chemicals, petroleum processing and refining products, rubber tires, chemical equipment and scientific research and design.


Chemical industry is one of the key industries in the restructuring of central enterprises this year. According to the deployment arrangement of SASAC at the beginning of the year, this year, we should give more prominence to the main responsibility and main business in the continuous promotion of slimming and fitness. At the same time, we will focus on promoting the specialized integration of equipment manufacturing, chemical industry, offshore equipment, overseas oil and gas assets, and regional integration of coal and electricity resources, study and start the integration of refining and chemical business, and continue to do a good job in coal and other de capacity work.


In July 17th, the one belt, one Road Central Committee of the Central Committee of the State Council, held a meeting again to emphasize the layout optimization and structural adjustment of state-owned capital. We should make an important starting point for the preparation of the 14th Five-Year plan, strengthen the guiding role of planning strategy, highlight the main industry's optimization and upgrading, actively promote reorganization and integration, and promote the construction of "one belt and one road" with high quality, and further enhance the state-owned capital. Body function and configuration efficiency.



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