PetroChina to Spin Off, List Oil Services Unit

State-owned oil giant China National Petroleum Corp. (PetroChina) is undergoing a restructuring to consolidate its money-losing services units into a new company, with plans to list the firm, sources at the company told Caixin.

The overhaul now taking place will see PetroChina consolidate its various units engaged in oil exploration, drilling, engineering and other services into a single company. PetroChina held a meeting to discuss the plan’s structure and implementation on Wednesday, where a team leading the project passed a reform plan, a knowledgeable source told Caixin.