The rumor that China Sinochem Group (hereinafter referred to as Sinochem Group) merged with China chemical industry group as a company was clarified yesterday. Yesterday evening, Sinochem Group issued a Clarification Announcement, denied the rumors. The announcement said that at present, the real controller of the Sinochem Group, the controlling shareholder in China China Sinochem Group Corp and the Chinese Limited by Share Ltd, and the company did not get written and oral information from any government department. The actual controller of the Sinochem Group, the controlling shareholder, China sinohua Limited by Share Ltd and the company have not expressed such intentions to any department or enterprise.

Earlier media reports reported that the relevant departments plan to merge Sinochem and China chemical group into a group. According to the chemical group website, the group earned $45 billion in 2015, holding 8 A share listed companies and 9 overseas enterprises. According to Sinochem website, the group holding Sinochem International, sinochemical fertilizer, China Jinmao and many other listed companies are the largest shareholder of Hongxin in the Far East. News shows that as part of the reform of state-owned enterprises, relevant departments plan to merge Sinochem and China chemical group into one group. It is reported that the combination of the two groups is aimed at improving international competitiveness under the support of the Chinese government in the case of large-scale mergers and acquisitions in the global industry.

It is reported that sinochemical group is a petrochemical giant developed from the enterprises specialized in the import of petroleum products. In 2015, the sales volume of sinohua group was 24% lower than that of the previous year, which was 381 billion 200 million yuan. China chemical industry group was a comprehensive chemical group incorporated by the then Ministry of chemical industry in 2004. In March 2015, China Chemical Industry Group announced the purchase of Pires, a tire manufacturer in Italy, at a price of 7 billion euros. The sales of the group in 2015 was 260 billion 200 million yuan.

This article comes from: the global petrochemical network