CNOOC forms new venture with private-sector partner

Privatization plans gain speed

China National Petroleum Corporation plans to attract private investment for part of its West-East gas pipeline business. The company is also planning to restructure its oil and gas-service company.

CNPC will offer a 49 percent stake in its oilfields in the Xinjiang Uygur autonomous region to other investors, including private companies.

China Petrochemical Corporation has completed the reorganization of its profit-making sales unit by inviting private and non-State investors.

China National Offshore Oil Corporation is stepping up deep-water exploration of oil and gas resources by introducing market forces such as privately owned MSP-DRILEX in Shanghai, as part of its mixed-ownership drive.