China’s Sinopec establishes four business units in major overhaul, officials say 

Sinopec is launching a major internal restructuring, setting up new business units and relocating hundreds of staff, as the world’s biggest refiner seeks to lift profits amid flagging Chinese oil and petrochemicals demand, company officials said. 

Why it matters

The overhaul, which comes as China’s fuel demand faces erosion by rapid transport fleet electrification and chemicals markets battle over-capacity, marks one of the largest reorganisations at a Chinese state oil major in recent years.