Central Enterprises Announce Major Restructuring Move! China Petroleum & Chemical Corporation to Merge with China Aviation Oil.

Xinhua News Agency, Beijing, January 8th - The State-owned Assets Supervision and Administration Commission of the State Council announced on the 8th that, with the approval of the State Council, Petrochina Chemical Group Co., Ltd. and China Aviation Oil Group Co., Ltd. will implement a restructuring. It is understood that China Aviation Oil is the largest aviation transportation service guarantee enterprise in Asia, integrating aviation fuel procurement, transportation, storage, testing, sales, and refueling. Its main business involves aviation fuel, petroleum, logistics, international and general aviation. China Petroleum & Chemical Corporation is the world's largest refining company and China's largest aviation fuel producer. Industry insiders believe that this reform is a strategic and specialized restructuring and integration of central enterprises, and also an active response to international competition and green transformation. It is expected to help reduce the cost of aviation fuel supply, enhance the competitiveness of China's aviation fuel industry, and promote the green and low-carbon transformation of the aviation industry. Optimizing the layout and adjusting the structure of state-owned economy are the inherent requirements for strengthening, improving and expanding state-owned capital and state-owned enterprises. In recent years, the strategic and specialized restructuring and integration of central enterprises has been accelerating. During the "14th Five-Year Plan" period, 6 groups of 10 enterprises achieved strategic restructuring, 9 new central enterprises were established, and a series of specialized integrations were solidly carried out, effectively improving the allocation and operation efficiency of state-owned capital. This article is reprinted from "Xinhua News Agency". Editor: Jiang Yuanhua.