CNPC opens 6 segments to private investment
Print Edition
Private capital are welcome to invest in six business sectors that China National Petroleum Corp has opened to them as it follows the government’s call to reform ownership, Chairman Zhou Jiping said in Beijing yesterday.
These investors can tap into unused reserves, unconventional oil and gas resources like coalbed methane, shale gas and tight gas, pipeline construction, overseas operations, finance operations and refinery, Zhou told reporters on the sidelines of annual session of the National People’ Congress in Beijing, according to the China Securities Journal.
The company’s board of directors will decide the stakes the private sector can hold in the six segments, he said.
The move by CNPC, the country’s biggest energy company, reflects a bid to reform the state-owned enterprises after the government decided to promote a mixed ownership economy and accelerated measures to diversify the shareholding structure of SOEs at the end of last year.
Sinopec Corp opened its retail oil business to non-state partners last month.
Zhou urged non-state investors to help accelerate development of the oil and gas industry. He said all types of investment are welcome as long as the benefits and risks are shared among the parties.
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