Breakthrough by China's first private oil group

In a major breakthrough and erosion of the traditional state monopoly of China's state oil industry, the first private petroleum group, the Great United Petroleum Holding Co Ltd (GUPC), announced its establishment Wednesday, state media reported. The historic declaration was made at the Great Hall of the People, before nearly 1,000 guests, though an official representative of the state oil monopoly was conspicuously absent apparently a sign of official displeasure over the new competition. The new oil conglomerate was initiated by several private domestic petroleum enterprises; it said it has nearly 50 private corporate shareholders with about US$603.9bn in capital. GUPC is said to be the largest private petroleum enterprise in the nation.