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Tsaiqin Economic News reports that Sinochem, a conglomerate owned by the Chinese state, will be merged and that Ning Gao Ning, chairman of Sinochem, will be chairman of KimChina's board of directors.
Reuters said the two companies were in merger talks to create the world's largest chemical company with $ 120 billion and Sinokem's chairman would head the new entity.
The newspaper quotes sources close to the two companies that Ning will become chairman and party secretary at KimChina while current president Ren Jianxin will retire.
The report adds that the administrative change was announced Saturday by officials of the State Property Supervision and Property Management Commission and the Ministry of Organization at Kim China HQ.
The newspaper added, "But there is no specific plan to create a new society."
A Sinochem spokesman declined to comment on the changes in direction or potential merger of the two companies.
The Chinese media chief also did not respond to a request for comment.
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