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China may merge its state-owned oil companies

by ChemOrbis Editorial Team -
  • 18/02/2015 (14:52)
According to media reports, China is considering merging its state-owned oil companies in order to compete with their global rivals more efficiently. The officials reportedly voiced two options, one of which suggests combining China National Petroleum Corp. (CNPC) and China Petrochemical Corp, while the other projects the merging of China National Offshore Oil Corp. (CNOOC) with Sinochem Group.

The government’s economy advisers are reportedly conducting feasibility studies for possible mergers however, no specific time was given for a decision on whether or when to proceed with the mergers. It was reported that a possible merger will create an entity as big as ExxonMobil.

In 2014, China’s gross domestic product (GDP) grew by 7.4% compared with a growth rate of 7.7% in the preceding year to miss the government’s economic growth target of 7.5%.
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