CNPC hires JPMorgan and Citibank advisers

PetroChina parent China National Petroleum Corp (CNPC) appointed JP Morgan as financial adviser as it prepares to restructure its overseas oil and gas assets, the South China Morning Post reported, citing unnamed sources. The company, which claimed to have recoverable oil and gas reserves equal to 5.91 billion barrels of oil at the end of last year, had earlier hired Citibank to advise on acquiring overseas assets.