China’s State-owned Assets Supervision and Administration Commission of the State Council (Sasac) has approved the merger of chemicals groups Sinochem and ChemChina, it said on March 31. 

In a brief statement published on its website, Sasac said it would oversee the “joint reorganisation” of the two companies under the aegis of the State Council.  

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Sinochem is a Chinese state-owned multinational conglomerate primarily engaged in the production and trading of chemicals and fertiliser and the exploration and production of oil. ChemChina is also a state-owned enterprise in the product segments of agrochemicals, rubber products, chemical materials and specialty chemicals, industrial equipment, and petrochemicals.