Sinopec Group Slims Down Amid Push to Reinvigorate State Firms

Caixin Global | Dec 2, 2019 at 8:09 PM
  • China Petrochemical Corp., better known as Sinopec Group, plans to streamline its corporate structure by cutting its main business divisions from five to four, as the central government continues its push to make state-owned enterprises (SOEs) leaner and meaner.
  • Sinopec’s restructuring highlights Beijing’s efforts to reinvigorate the country’s bloated state-owned corporate sector by making SOEs more responsive to market forces.
  • For its reorganization, Sinopec Group plans to consolidate its five major business divisions into four: capital finance and support, refining and sales, chemical engineering, and oil, gas and new energy.