Chemchina-Sinochem: The New Mega-Company
Keyword(s):
Iron Ore
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There are rumours that ChemChina and Sinochem will announce shortly that they will merge although both parties deny that such a plan is in place. If and when it happens it will completely change the landscape of China's chemical industry. Such a new company will surpass the Dow DuPont merger to become the world's largest chemical group with annual revenues in excess of $110 billion. This would place the combined group, with units spanning seeds to iron ore trading to oil, at the forefront of the consolidating global agricultural chemicals sector. It is claimed that the move will be the final piece in the jigsaw of President Xi Jinping's plan to consolidate the debt-laden state enterprises.