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CNPC chairman starts courting private investors
CNPC Chairman Zhou Jiping (Image courtesy of Gazprom)

CNPC chairman starts courting private investors

CNPC chairman Zhou Jiping publicly announced plans on Wednesday to open six business areas to private investors.

Zhou Jiping said the company will be seeking joint investment from non-state sectors to build pipelines, tap unconventional oil and gas resources and build oil refining and chemical complexes.

Overseas exploration and production business as well as finance operations would also be open for investment, Zhou told reporters.

Speaking on the stakes to be made available, Zhou said, “Every segment of these businesses is different. Such a plan will be executed category by category.”

Zhou went on to say investment in pipelines could apply to both projects under construction and those newly planned.

CNPC’s announcement comes just two weeks after Sinopec opened up its retail oil business to non-state partners.

Sinopec said it plans to sell up to 30 percent of its retail oil business to private investors in a multi-billion dollar restructuring aimed at boosting the value of its behemoth downstream unit.

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