18 Feb 2015
London — Leaders in China are considering the merger of China National Petroleum Corp. (CNPC) and China Petrochemical Corp. (Sinopec) in a bid to consolidate the country’s oil industry, said a report by Wall Street Journal on 18 Feb.
The aim is, said the report, to create new “national champions able to take on the likes of Exxon MobilCorp. and operate more efficiently as prices slide”.
According to the WSJ, in addition to that, another option was on the table to merge two other major energy companies, China National Offshore Oil Corp., or CNOOC, and Sinochem Group.
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