Xin Lang Cai Jing·2026-01-08 11:31Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is aimed at enhancing core competitiveness and streamlining operations within the state-owned enterprise sector [1][4]. Group 1: Company Overview - China Aviation Oil Group was established in 1990 and became a central enterprise directly managed by the State-owned Assets Supervision and Administration Commission (SASAC) in 2003 [1][3]. - The company is recognized as Asia's largest integrated aviation fuel supply service provider, covering procurement, transportation, storage, testing, sales, and refueling [1][3]. Group 2: Financial Performance - China Aviation Oil's subsidiary, China Aviation Oil (Singapore) Corporation Ltd. (referred to as "China Aviation Oil"), previously submitted an application for listing in 2020 but withdrew it in January 2024 [1][3]. - The company's revenue primarily comes from refined oil sales, storage services, and urban gas business, with annual refined oil trading volume exceeding 10 billion yuan, ranking fifth among central enterprises in the industry [1][3]. Group 3: Strategic Implications - The merger is expected to create a seamless integration from crude oil refining to aircraft refueling, potentially reshaping the competitive landscape of the refining market [2][3]. - The restructuring aligns with recent state-owned enterprise reforms that focus on core responsibilities and enhancing competitiveness through consolidation [4].