New Sinochem Corporation Formed   

With the approval by the State-owned Assets Supervision and Administration Commission of the State Council, Sinochem's holding company formed on May 31st, 2009. The existing Sinochem Corporation was renamed as Sinochem Group. The Sinochem Corporation from now on referred to a newly formed joint stock company containing most of Sinochem Group's assets.
   The newly-formed Sinochem Corporation is a 98: 2 joint venture between Sinochem Group and China Ocean Shipping (Group) Company (COSCO).
   The move is aiming at listing the joint venture on stock markets, a well-known source said.
   Sinochem Group is a hybrid in fertilizers and pesticides, oil business, chemicals, and financial services, ranking the 257th in Fortune Global 500 in 2008.