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Sinochem, ChemChina Merge to Form World's Biggest Chemical Giant
2021-5-10

May 10 -- Two state-owned giants, Sinochem Group and China National Chemical, have been consolidated into a new company, Sinochem Holdings, the world's largest seller of chemicals with 16 listed arms.

Sinochem Holdings will be a subsidiary of the State-owned Assets Supervision and Administration Commission of the State Council, and Ning Gaoning, former chairman of China National Chemical, will serve as the new firm’s chairman, it said on its website on May 8.

The maker of fertilizer and petrochemical products will benchmark itself against leading international peers, aiming to become a global firm based on scale, industrial chain, technology, and strong innovation capabilities, it added.

Beijing-based Sinochem ranked 109th in last year’s Fortune Global 500. Besides chemicals, its business includes real estate and finance.

China National Chemical, better known as ChemChina, is China’s largest agrochemical company. It ranked 164th on the 2020 Fortune Global 500 list.

Whether the new industry giant can compete with its international rivals over the next 10 years depends on its chosen management model which should mobilize and inspire employees and improve efficiency, said Ning.

After the reorganization is completed, Sinochem Holdings will have production bases and research and development facilities in more than 150 countries and regions around the world, along with 220,000 employees. Some of its listed units include Yangnong Chemical, Pirelli, and China Jinmao Holdings Group.

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