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CNPC Reforming Its System
Since February 1999, the China National Petroleum Corporation (CNPC) has been carrying out large-scale internal reorganization and restructuring and the preparatory work for listing.
At the end of last March, CNPC successfully issued 17.58 billion shares, 10 percent of its total capital stocks, which helped collect US$2.89 billion, making CNPC the largest Chinese enterprise listing in the overseas capital market.
In the process of reorganization, CNPC carried out overall reorganization and restructuring on the basis of summarizing the experiences of oil enterprise reform and using the organizational model of large foreign oil companies for reference.
The internal reorganization of CNPC involves 53 enterprises and institutions in such fields as petroleum, oil refining, marketing, pipelines and scientific research, 507 billion yuan assets and 1.54 million staff members, making it thus far the largest asset regrouping in Chinese enterprises.
By PD Online staff Deng Gang
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