Da Zhong Ri Bao·2026-01-09 09:48Core Viewpoint - The merger between Sinopec and China National Aviation Fuel marks the beginning of a new round of state-owned enterprise reform, focusing on energy security, competitiveness, and green development [1][2]. Group 1: Energy Security - The merger aims to strengthen national energy security, as aviation fuel is critical for the aviation industry, which is projected to see demand rise to 75 million tons by 2040 [1]. - The integration of Sinopec's refining capacity and China National Aviation Fuel's supply chain capabilities will reduce costs and create a controlled supply system for stable aviation operations [1]. Group 2: International Competitiveness - The restructuring is a key move for industrial upgrading, as the global aviation fuel market is dominated by integrated giants like Shell and BP, which have strong supply chain coordination [1]. - The new entity will combine the world's largest refining capacity with Asia's largest aviation fuel service network, enhancing its competitiveness against international players [1]. Group 3: Green Transition - The merger strategically positions the companies in the sustainable aviation fuel (SAF) market, which is expected to reach a trillion-dollar scale globally [2]. - Sinopec is the first in Asia to commercialize SAF production, and the collaboration with China National Aviation Fuel will create a comprehensive SAF ecosystem from research and development to supply [2]. Group 4: Broader Reform Implications - This merger signals a shift in state-owned enterprise reform from "physical integration" to "chemical fusion," indicating faster consolidations in sectors like equipment manufacturing and energy [2]. - The ongoing reforms will enhance core capabilities in strategic emerging industries, allowing state-owned capital to establish competitive advantages in key areas [2].