The Chinese government has decided to combine the China National Petroleum Corp. (CNPC) and its main domestic rival China Petrochemical Corp. (Sinopec) as well as other major energy companies - China National Offshore Oil Corp. (CNOOC) and Sinochem Group, according to the Wall Street Journal.
The decision to consolidate China’s oil sector by joining big state-owned firms into a single giant is part of an effort by Chinese President XI Jinping to make the country’s oil producers more competitive globally and assert China’s prominence.
The merger of CNPC and Sinopec would create one of the world’s biggest companies with control of the vast majority of China’s onshore oil and gas production. The merger of all four major oil producers would create an entity twice as big as ExxonMobil by revenue.…China's strategy — dominate by sheer size.
RT
China wants to create its own ExxonMobil - media
1 comment:
They need to do something, their companies are the worst in the world... they lack innovation, have a corporate culture that penalizes success and risk taking and at best they meet very, very low expectations.
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