Chinese oil company Sinopec denied merger plans with CNPC

Almaty. February 26. Silkroadnews - China Petroleum and Petrochemical Corporation Sinopec has denied the existence of plans for a merger with China National Petroleum Corporation (CNPC) and China National Offshore Oil and Gas Corporation (CNOOC), which some media reported earlier.
Earlier in the Chinese press reported that the Chinese government is considering the possibility of merging the largest state oil and gas corporations to reduce costs and streamline operations.
At the same time, the agency "Xinhua" reported that the government is working on "structural reforms" in the mining and processing of oil and gas in the general plan of reorganization of the national energy sector.
The theme of structural reforms in the oil and gas industry "actively debated in Chinese government circles last year in connection with calls to transform the production and procurement in the energy sector in a changing global energy market", - said the agency.