Chinese energy giants PetroChina (PTR.NYSE, 0857.HKG, 601857.SHA) and Sinopec (SNP.NYSE, 0836.HKG, 600028.SHA) are looking to attract more private financing, South China Morning Post reported, citing statements from the heads of both companies on Tuesday. Their gas-related businesses will be a key area for co-operation, they said. Zhou Jiping, chairman of PetroChina, said the move is part of wider industry reform to introduce more competition to enhance efficiency. Fu Chengyu, chairman of Sinopec, said he plans to give more details about the firm’s recently announced plan to sell up to 30% of its fuel marketing division to non-state entities.
Categories