Chinese engineering firms complete merger
China
BEIJING, January 12, 2017 – China Petroleum Engineering & Construction Company (CPECC) and China Petroleum Engineering Company (CPE) have allegedly completed their merger, TOGY has learned.
Sources familiar with the tie-up, part of a China National Petroleum Corporation restructuring effort that received wide media coverage in April of last year, said the process was finalised earlier this month. Speaking to TOGY on the condition of anonymity, a source at CPECC on Thursday also said a CEO had been appointed.
In mid-2016, the merger of CNPC’s petroleum engineering entities was also said to involve China Huanqiu Contracting & Engineering Corporation’s upstream business. It is unclear whether this unit was involved in the tie-up.
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