[reut.rs/2qKfkWd] He may, though, have irked the authorities with his chutzpah in forging ahead with high-profile deals, another of those with knowledge of the discussions said. Chairman of Chinese state - owned Sinochem Group Zhang Gaoning has ruled out a merger with ChemChina . Speaking on the sidelines of the National People ’s Congress in Beijing , Gaoning said he had " no plans " to merge with any central government - owned or state - owned businesses . A merger between Sinochem and ChemChina would make it a Chinese chemicals giant and would be worth close to $ 120bn . Reports of the merger have been circulating since 2016 , and became more likely after BP 's acquisition of BP .
Chairman of Chinese state - owned Sinochem Group Zhang Gaoning has ruled out a merger with ChemChina . Speaking on the sidelines of the National People ’s Congress in Beijing , Gaoning said he had " no plans " to merge with any central government - owned or state - owned businesses . A merger between Sinochem and ChemChina would make it a Chinese chemicals giant and would be worth close to $ 120bn . Reports of the merger have been circulating since 2016 , and became more likely after BP 's acquisition of BP .