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Two Chinese Oil Firms MergedChina's youngest oil company, the China National Star Petroleum Corp, merged with the China Petrochemical Corp, or Sinopec, Thursday.The merger, approved by the State Council, China's highest governing body, is part of a three-year strategy to reformulate the country's oil industry, said Jiang Qiangui, vice-minister State Economic and Trade Commission. As a wholly owned subsidiary of the larger Sinopec, the Beijing- based China National Star Corp was renamed Sinopec Star Petroleum Co Ltd, according to today's China Daily. Since 1998, the central government has been trying to make the oil business stronger by making management more efficient, Jiang said. Sinopec President Li Yizhong said the merger will reinforce Sinopec's capability for oil and natural gas exploitation while promoting Sinopec Star Petroleum Co Ltd. Now being able to do business easily with Sinopec's other subsidiaries, Sinopec Star Petroleum Co Ltd will have a more stable market and not need to build its own refineries or chemical plants. China National Star Petroleum Corp discovered oil in the Xinjiang Uygur Autonomous Region's Tarim Basin and in the East China Sea. It has found 162 million tons of oil and 142.6 billion cubic meters of natural gas. The company has six onshore bureaux, two offshore bureaux, four subordinate enterprises and six research units.
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