Sinochem, ChemChina and Shanghai sign strategic cooperation agreement 10-04-2019

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.

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