CNPC considers listing oilfield services

Wang Yilin, chairman of China National Petroleum Corporation (CNPC), attended IHS Cambridge Energy Week Conference held in Houston, and declared that China’s largest oil and gas producer is planning to spin off its oilfield services business.

This is part of a series of simplifying and increasing efficiency measures of CNPC. Wang Yilin does not reveal the scale and timetable of divestitures.

As the second largest economy in the world, China’s growth rate has fallen to the lowest level during the last 25 years, and Chinese government is accelerating the reform of state-owned enterprises. In recent months listed subsidiary of CNPC sells pipeline business. The largest oil refining company of Asia–the Sinopec sells its retail business in 2014.

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