In early
September, 2019, Sinochem, ChemChina and Shanghai City signed a strategic
cooperation agreement. It is expected that in the future the three parties will
conduct more practical cooperation in the fields of energy, chemical industry,
agriculture, urban operation, finance, life science, material science and
environmental science. Innovation, interaction and integration serve as the
main concept of the development.
Essence of cooperation focuses on innovation
and industrialization
The
chairman of ChemChina expressed that the cooperation between Sinochem and ChemChina
aims at improving China’s innovation in the aspect of global energy and
enhancing the country’s industrial status in chemical and agricultural
industries. During the cooperation, both companies will be transformed into
innovative companies with the focus on scientific technology. The goal is to
become one of the top comprehensive scientific chemical enterprises with life
science and material science as the lead, petrochemical industry as the support
and environmental science as the guarantee.
It is also
emphasized that a research and development platform concerning life science,
advanced materials, polymer additives and new energy resources will be created
in Shanghai. In this way, technological innovation and industrialization can be
improved accordingly. In addition, intelligent teams will be constructed in a
better way through relevant scientific projects so that the transformation of
scientific research achievements can be accelerated. What’s more, the companies will pay highly
attention to the construction of high-quality industrial bases along the Yangtze
River. National chemical parks and provincial chemical parks will be
intensified and integrated in the development.
Sinochem and ChemChina plan to further their
profound cooperation with Shanghai City in a sustainable way. In the meanwhile,
not only will important projects be conducted in Shanghai, but also increasing
investment regarding research and development as well as innovation will be
placed in a number of fields. The cooperation among the three parties is
believed to establish Shanghai as a new scientific and innovative centre
integrated with international economy, finance, trade and transportation.
Shanghai regarded as one of the most important
strategic areas for Sinochem and ChemChina
According
to the chairman of ChemChina, Shanghai has always been a significant city for
the investment of Sinochem and ChemChina. Most importantly, it is also an
indispensible strategic area for the innovative development of both companies. At
present, there are totally 70 operational organisations of both companies in
Shanghai, covering a great variety of fields, such as chemical industry, energy
resources, real estate, finance, agriculture, animal nutrition, mechanical
engineering and environmental engineering. It is reported that companies had
operating revenues of USD 9.2 billion (RMB 65.83 billion) in 2018, with assets
of USD 19 billion (RMB 135.87 billion) and total taxes and profits of USD 1.5
billion (RMB 10.5 billion).
Sinochem is
an important backbone enterprise in China, with a head office located in
Beijing. The company has main business in five huge fields of industry, which
can be divided into energy resources, agriculture, chemical industry, real
estate as well as finance. Sinochem is not only regarded as one of the top four
petroleum corporations in China, but also the biggest integrated operational organization of agricultural
inputs, such as chemical fertilizer, seeds and pesticides.
ChemChina
is the biggest Chinese manufacturer of fundamental chemistry. It is mainly
engaged in new chemical materials and specialty chemicals, basic chemicals, petroleum
processing and refining products, agrochemicals, rubber products and chemical
equipment. The company has production bases and R&D bases in about 140
countries and regions over the world and a complete sales network system.
For more
information about China’s company dynamics, please have a look at our CCM
online platform at Online
Database.