With the approval of the State Council, China Sinochem Group Co., Ltd. and China National Chemical Industry Group Co., Ltd. have jointly restructured, CCTV reported.
It is understood that the state owned assets supervision and Administration Commission of the State Council will perform the duties of investor on behalf of the State Council. Sinochem Group and SINOCHEM will be incorporated into the new company as a whole. The new company will employ more than 220000 people.
Sinochem Group and SINOCHEM are two of the world's top 500 enterprises. After restructuring, they will form a giant company with assets of over one trillion.
According to the current official websites of Sinochem Group and China National Chemical Corporation, Sinochem Group has five business divisions: energy, chemical, agriculture, real estate and finance. It is a leading integrated operator of petroleum and chemical industry, an integrated operator of agricultural inputs (seeds, pesticides and fertilizers) and modern agricultural services, and has strong influence in the field of urban development and operation and non bank finance.
China chemical industry group is a professional chemical company. It is a state-owned enterprise established on the basis of the enterprises under the former Ministry of chemical industry. It is the largest chemical enterprise in China. It ranks 144 in the world's top 500 with 148000 employees and 87000 employees located outside China.
The business scope of the new company covers eight fields, including life science, material science, basic chemical industry, environmental science, tire and rubber, mechanical equipment, urban operation and industrial finance.