CNPC looking at major reform of its structure

China National Petroleum Corporation (CNPC) is considering a major shake-up to reform its corporate structure, which could eventually lead to a merger of its overlapping assets for listing on international equity markets.

Sources said the company is considering consolidation of its manufacturing, service and engineering, procurement and construction businesses to boost their value before potentially launching international initial public offerings.

In the EPC sector, targeted companies for merger are China Petroleum Engineering Construction Company (CPECC), China Petroleum Engineering (CPE) and China Huanqiu Contracting & Engineering Corporation.