Overview
Through a state-led merger completed in July 2026, China National Aviation Fuel Group (CNAF), China's aviation fuel monopoly, joined Sinopec, the world's largest oil refiner; the move is described as one of the largest state-owned enterprise mergers in Chinese history. CNAF has historically held a dominant position in into-plane fueling at Chinese airports and also holds a stake in China Aviation Oil, which is listed on the Singapore stock exchange. Sinopec is also collaborating with TotalEnergies to establish a joint SAF production facility in China and has partnered with Cathay Pacific on SAF initiatives.
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