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Sinopec denies rumors of merger
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CHINA Petrochemical Corp, also known as Sinopec Group, has denied reported plans of a merger with China National Petroleum Corp or China National Offshore Oil Corp.
“We have never heard any internal talk about the case, and our principle is to make no comment on rumors,” said Lu Dapeng, a spokesperson with Sinopec Group.
The Wall Street Journal reported last week 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 said China 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 the first half of this year and will have significant impact on the current oil and gas system,” he said.
Since 2014, structural reform of the oil and gas industry has been high on the government’s agenda as policy-makers called for efforts to transform China’s energy production and consumption due to a changing global energy market.
While presiding over a meeting of the Central Leading Group on Financial and Economic Affairs last June, Chinese President Xi Jinping, head of the group, acknowledged that China faces challenges to cope with increasing demand for energy, supply restraints, huge environmental costs and backward technology.
He stressed that the country will push forward reforms in the energy sector’s pricing mechanism and try to nurture a competitive energy market.
“Whether restructuring the oil and gas giants or carrying out structural reform of the energy sector, the key lies in increasing competitiveness to fit the changing dynamics of the global energy market,” said Liu Yijun, professor at China University of Petroleum.
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