Petrochina and CPCC might carry out restructuring jointly

Petrochina (0857) and parent of China Petroleum & Chemical Corporation (0386) plans to carry out restructuring before the end of the year at a large scale of RMB400bln, which include businesses, management and mechanism, etc. According to informed sources, relevant authorities of PRC hope that Petrochina and parent of CPCC can carry out restructuring jointly to offset mutual disadvantages and improve profit and management of the groups. Zhang Honglin, spokesman of CPCC said business restructuring of parent absolutely should be carried out but he was not aware of news that restructuring will be carried out together with Petrochina.

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