The State Council approved the joint restructuring of Sinochem and ChemChina. The equity interests of both companies will be owned by a newly established company, the New Holding Company, which will be established and wholly owned by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Sinochem and ChemChina will become wholly-owned subsidiaries of the New Holding Company. This is to build a world-class chemical enterprise and promote high-quality development of the chemical industry in China.
The New Holding Company operates in a wide range of business sectors, including life sciences, materials science, basic chemicals, environmental science, rubber and tires, machinery and equipment, urban operation, industrial finance, etc. Particularly, the New Holding Company will strive to expand and deepen the synergies among these sectors, achieve a breakthrough in key materials and technologies, provide high-quality agricultural materials and comprehensive agricultural services, promote carbon neutrality, and become the innovation-driven leader of these sectors. It is believed that the refining and chemical giant will have sales of more than $150 billion.
- Sinochem Group Co., Ltd. (Sinochem), Beijing, China
- China National Chemical Corporation Ltd. (ChemChina), Beijing, China