Chinese State Councilor Wang Yong speaks at the establishment ceremony of a new holding company as a result of the merger of Sinochem Group and ChemChina Group, two State-owned chemical giants, in Beijing, capital of China, May 8, 2021. (PHOTO / XINHUA)

Sinochem Holdings Corp Ltd was officially unveiled in Beijing on Saturday, ushering in high-quality development in China's chemical industry, the State-owned Assets Supervision and Administration Commission of the State Council said.

Sinochem Holdings owns production bases, research and development facilities in more than 150 countries and regions across the world with a full-fledged marketing network

The giant corporation was created through the restructuring of Sinochem Group Co Ltd and China National Chemical Corp Ltd, or ChemChina.

Approved by the State Council, China's cabinet, Sinochem Holdings will become a new centrally-administered State-owned enterprise under the supervision of the SASAC, the country's top State asset regulator.

Supported by more than 220,000 employees, including over 90,000 people in overseas markets, Sinochem Holdings operates in eight business sectors covering life, environmental and material science, basic chemicals, rubber and tire, machinery and equipment, city operation, and industrial finance.

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Ning Gaoning, chairman of Sinochem Holdings, said the new company will strive to build a technology-driven innovator and a world-class chemical conglomerate, and promote the group's technological innovation ability, core competitiveness and sustainability.

The logo of Sinochem Holdings. (PHOTO / SINOCHEM.COM)

Combining the technology edges and assets of Sinochem and ChemChina, the new group leads in subdivisions of agrochemicals and animal nutrition in life science, and those of fluorine silicon materials, engineering plastics and rubber additives in material science.

Sinochem Holdings owns production bases, research and development facilities in more than 150 countries and regions across the world with a full-fledged marketing network. It will have 16 listed companies at both home and abroad, including Shanghai-headquartered Sinochem International Co, Pirelli, the Milan-based tire maker, and Adisseo, the French health product provider.