CNPC set for oilfield services overhaul

China

BEIJING, June 29, 2016 – China National Petroleum Corporation (CNPC) will restructure its oilfield services business, which will include the sale of subsidiaries, the company announced on Wednesday.

Commenting on the plans, CNPC President Wang Yilin said the company strives to “streamline the oilfield services business and improve its efficiency.” CNPC on Tuesday revealed it had entered negotiations with Xinjiang Dushanzi Tianli High & New Tech Company for the sale of some of its assets.

A filing to the Shanghai stock exchange showed that the deal might cover the sale of China Petroleum Engineering and Construction Corporation and the China Petroleum Pipeline Bureau.