Government clears merger of SinoChem and ChemChina

An image showing the Sinochem logo

Source: © Reuters/Alamy Stock Photo

China’s chemicals giants will unite under a state-run holding company

Chinese regulators have approved the long-anticipated merger of two of the country’s major state-run chemical groups, Sinochem and ChemChina. Together the refining and chemicals giant will have revenues of over $150 billion (£109 billion), and its leaders anticipate cutting costs to become more competitive. However, analysts don’t expect to see any big changes just yet.