Sinopec Absorbs Aviation Fuel Giant CNAF in Bid for New Growth
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The restructuring creates an integrated energy giant capable of competing with global peers while opening a new growth avenue for China’s largest refiner as the country’s gasoline and diesel demand declines. Photo: VCG
China Petrochemical Corp. (Sinopec) has finalized its state-directed merger with China National Aviation Fuel Group Ltd. (CNAF), absorbing the country’s dominant aviation fuel provider as a wholly owned subsidiary.
The restructuring creates an integrated energy giant capable of competing with global peers while opening a new growth avenue for China’s largest refiner as the country’s gasoline and diesel demand declines.
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