Beijing — China is considering a merger among its state-owned oil giants to create a juggernaut, or “its own Exxon,” by combining Sinopec with either CNPC or Cnooc, said an unnamed Chinese official according to WSJ.
On 25 February Sinopec spokesman Lv Dapeng said to local news agency Chinanews.com: “We’ve never heard about this and our policy is not to comment on rumors. This is from overseas media which may have their own sources. We are not sure about this.”
The possible merger, whether aiming to sharpen competitive edge in the global market or to strengthen state, is widely regarded as a step back in China’s state enterprise reform.