中国石化、中国航油，重组

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is expected to enhance the resilience of the aviation fuel supply chain and ensure energy security for the aviation industry in China [1][2]. Group 1: Restructuring Benefits - The merger will leverage the integrated refining and aviation fuel supply assurance systems of both companies, reducing intermediaries and lowering supply costs [1]. - The combined strengths of Sinopec and China Aviation Oil will enhance the international competitiveness of China's aviation fuel industry, which currently lags behind major integrated oil companies like Shell, BP, and ExxonMobil [1]. Group 2: Sustainable Aviation Fuel (SAF) Development - The aviation sector is one of the most challenging areas for carbon emission reduction, with sustainable aviation fuel (SAF) recognized as a key solution [2]. - Sinopec is a pioneer in SAF production in China, addressing the application gap for domestic aircraft, while China Aviation Oil plays a crucial role in promoting SAF and building the necessary ecosystem [2]. - The merger will facilitate collaboration in SAF research and development, industrialization, storage, transportation, and international trade, driving high-quality development of the SAF industry and supporting carbon reduction in aviation [2].