China has approved a restructuring between China Petroleum & Chemical Corporation (Sinopec) and China National Aviation Fuel Group Limited (CNAF), marking a major state-led consolidation in the country’s petroleum and aviation fuel sector. The State Council approved the plan following an announcement by the State-owned Assets Supervision and Administration Commission (SASAC) on January 8, 2026. Sinopec said the restructuring would be implemented in accordance with government arrangements, but provided no further operational details. Under the restructuring, Sinopec is expected to absorb CNAF,…

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