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China's first independent oil giant, the Great-Wall United Petroleum Company (GUPC), is to be established next month.
In an interview with China Daily Wednesday at the China Energy Strategy Higher Level Forum of the eighth China Beijing International High-Tech Expo, Gong Jialong, president of the China Chamber of Commerce for the Petroleum Industry (CCCPI), said June had been decided on for the setting up of the company.
The CCCPI, China's leading industry association for independent oil firms, organized the first preparatory session for the establishment of GUPC at the end of last month.According to the association's General-Secretary, Wang Yong, the united company will represent the joint forces of association members.
Once formed, GUPC will be the fourth largest oil conglomerate in China's oil industry, long dominated by state-owned PetroChina, Sinopec and China National Offshore Oil Corp (CNOOC).Representing at least 100 domestic privately-owned oil firms, GUPC is expected to raise up to 5 billion yuan (US$604 million)in operational capital, a newspaper owned by the All-China Federation of Industry & Commerce reported.
Gong declined to comment on the capital figures, but expressed confidence in the conglomerate's ability to finance its bold expansion plans, which will initially target overseas oil & gas exploitation.
"We have already invested millions of dollars into some 20 oil exploitation projects in foreign countries," said Gong.
These projects have involved at least 10 independent oil companies from the CCCPI membership, he added.
The association president has made several visits to the Middle East seeking possible partnerships with local oil firms there, he said.
(China Daily May 26, 2005)
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