Sinopec Group denies reported plans of a merger with CNPC or CNOOC

28-Feb-15

China Petrochemical Corporation (Sinopec Group) has denied reported plans of a merger with China National Petroleum Corporation (CNPC) or China National Offshore Oil Corporation (CNOOC), as per globaltimes.cn. It was reported earlier that the Chinese government was considering a merger of its state-owned oil and gas companies to cut costs and streamline operations. An industry insider told Xinhua that the Chinese government is now working on structural reform of the oil and gas industry in a bid to transform the country's energy sector. The reform plan will be released as early as H1-2015 and will have significant impact on the current oil and gas system.