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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Beijing, January 8 (Xinhua) — With the approval of the State Council, China Petrochemical Corporation (Sinopec) and China National Aviation Fuel Group (CNJF) will undergo a reorganization, according to a statement released Thursday by the State-Owned Assets Supervision and Administration Commission of the State Council.
China National Aviation Fuel Group is Asia's largest aviation services company, engaged in the procurement, transportation, storage, testing, distribution, and refuelling of aviation fuel. Sinopec is the world's largest oil refiner and a leading aviation fuel producer in China.
Industry experts believe the reorganization will help reduce aviation fuel supply costs, increase the competitiveness of the aviation fuel industry, and facilitate a green and low-carbon transformation of the aviation sector.
Restructuring of the state economy is a mandatory requirement for strengthening, improving and enlarging state capital and state-owned enterprises.
During the 14th Five-Year Plan (2021-2025), China carried out strategic reorganization of 10 centrally-controlled state-owned enterprises from 6 groups and established 9 new centrally-controlled state-owned enterprises, which improved the efficiency of allocation and operation of state capital.
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