China to have first private oil group

China's biggest private oil and gas enterprises will pool their assets to form a
new company covering the entire petroleum industrial supply chain from mining,
refinery to final sale, Asia Pulse reported, citing sources with the China
Chamber of Commerce for Petroleum Industry (CCPI). Wang Yong, secretary-general
of the chamber, said that the new company, Changcheng or Great Wall, would seek
government support to "enhance the oil supply security of the country" and aims
for an overseas listing. China is set to open its wholesale oil market to
foreign players in 2006.