State-Owned Oil Firms Head into Uncharted Waters by Inviting Outside Investors

(Beijing) – Since February, state-owned oil majors have taken steps toward pilots in mixed-share ownership, following central government calls for reforms to state-owned enterprises (SOEs).

After the Chinese New Year, China Petroleum and Chemical Corp. (Sinopec) announced plans to restructure its sales assets, estimated to be worth over 300 billion yuan, to introduce non-state investors in a mixed-ownership pilot in which not less than 30 percent of shares of a new company will be offered to investors.