Strait Energy is a wholly-owned subsidiary of China Petroleum and Natural Gas Corporation, and China Petroleum and Natural Gas Corporation is one of the largest petrochemical companies in China. As a wholly-owned subsidiary of China Petroleum and Natural Gas Group Co., Ltd., Straits Energy is directly controlled and managed by China Petroleum and Natural Gas Group Co., Ltd., which means that China Petroleum and Natural Gas Group Co., Ltd. has absolute control and ownership over Straits Energy. After the integration, China Petroleum and Natural Gas Group can integrate and optimize resource allocation, improve operational efficiency and achieve greater economic benefits. This integration will contribute to the competitiveness of China Petroleum and Natural Gas Group in the petrochemical field and further consolidate its position in the energy market of China.