A PYMNTS Company

China: Petrol giants deny merger reports

By  |  March 1, 2015

China Petrochemical Corporation has denied reported plans of a merger with China National Petroleum Corporation or China National Offshore Oil Corporation.

“We have never heard any internal talk about the case and our principle is to make no comment on rumors,” said Lv Dapeng, spokesperson with Sinopec Group.

It was reported earlier that the Chinese government was considering a merger of its state-owned oil and gas companies to cut costs and streamline operations.

 

Full Content: Channel NewsAsia

 

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.