The China Oil and Gas Stock Company Ltd. (COGSC) was inaugurated in Beijing on November 6.

The company will engage in oil exploration, production, refining and marketing, petro-chemical sales and other business formerly belonging to the China National Petroleum Corporation (CNPC).

COGSC has full right in oil exploitation, production and processing and is authorized to manage oil pipes in most parts of China. It has a large distribution network. COGSC strives to become the largest oil and gas producer in China and an oil giant in the world in the near future.

Ma Fucai and Huang Yan, who have worked in the oil industry for many years, were respectively appointed board chairman and president of the new company.

The Jilin Chemical Works, which has been listed in Hong Kong, the United States and the domestic stock market, and some other listed oil companies will be merged with the COGSC. (Xinhua)