China plans to create a chemical industry powerhouse through a merger of state-run giants Sinochem and ChemChina, as Beijing continues to streamline its massive, debt-laden state-owned sector.
According to Reuters, the merged entity will become the world’s largest industrial chemicals firm, with assets totaling around $120 billion.
Standing Sinochem Chairman Ning Gaoning will take the role of chairman and party secretary of the new company, industry sources told Caixin.