天天基金网·2026-01-09 01:29Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is expected to enhance national aviation energy supply security and promote a green and low-carbon transition in aviation energy supply, aiming to create a world-class aviation energy supplier [2][3]. Group 1: Company Overview - Sinopec is the largest supplier of refined oil and petrochemical products in China, the world's largest refining company, and the second-largest chemical company, with a comprehensive energy industry chain [3]. - China Aviation Oil is the largest aviation fuel procurement, transportation, storage, testing, sales, and refueling service provider in Asia, with its main business covering five sectors: aviation fuel, petroleum, logistics, international, and general aviation [3]. Group 2: Market Potential - According to the latest report from Sinopec Economic and Technical Research Institute, the demand for aviation kerosene in China is projected to reach approximately 50 million tons by 2030, with an average annual growth rate of around 4% during the 14th Five-Year Plan period [3]. - Standard & Poor's predicts that China's aviation fuel consumption will grow to 75 million tons by 2040 [3]. Group 3: Synergies and Competitive Position - The merger is expected to create significant synergies by leveraging integrated refining and aviation fuel supply systems, reducing intermediate links, and lowering supply costs, thereby promoting high-quality development of the industry chain [4]. - Currently, China's aviation fuel production, sales, and refueling services are fragmented among different companies, which limits overall competitiveness compared to international integrated oil and gas companies [4]. Group 4: Green Transition - The merger will facilitate the high-quality development of sustainable aviation fuel (SAF) industry, with Sinopec being the first in Asia to have independent research and production technology for bio-jet fuel and commercial production capabilities [5]. - China Aviation Oil plays a crucial role in the promotion and ecological construction of SAF, and the merger will enhance collaboration in this area [5]. Group 5: Strategic Importance - This merger marks the first central enterprise-level restructuring case entering the 14th Five-Year Plan, aligning with the government's push for strategic and professional mergers and acquisitions to enhance quality [5].