Petrochemical giant changes name to reflect development

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Last updated at: (Beijing Time) Thursday, November 06, 2003

Petrochemical giant changes name to reflect development

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China National Chemicals Import and Export Corporation (Sinochem) officially became Sinochem Corporation Wednesday, in a move to show that China's traditional foreign trading giants were prepared to develop with international competition.

Sinochem is the first national foreign trading enterprise to change its name with the approval of the Commission for Supervision and Management of State-owned Properties under the State Council.

"The old name could not tell the company's business scope, market orientation and market value, let alone its future development direction," said its president Liu Deshu. "As Sinochemno longer merely deals with imports and exports, it is gradually building its own value chain and supporting industries for core businesses."

The petrochemical giant has mainly engaged in the internationaland domestic trade of petroleum, fertilizers, chemicals and industrial investment. It has also in recent years expanded in finance, insurance, logistics and high-tech investment.

Ranked in the Fortune Global 500 for 14 consecutive years from 1989 to 2002, Sinochem boasts 30 million tonnes of crude oil in import and entrepot trade and an industrial chain incorporating oil drilling, refining, trading and distributing.

The giant group will keep the shortened forms of its Chinese and English names and logo unchanged as they are name brands and well-known in the global petrochemical industry.

The name change shows China's foreign trading enterprises, facing profound changes after China's World Trade Organization (WTO) entry, are stepping up strategic transformation to seek a brighter future, experts said.

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