CNPC Said to Consider Oilfield Unit Listing Via Daqing Huake
- Shenzhen-listed company may also be used for equipment unit
- CNPC used backdoor-listing for engineering, finance businesses
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China National Petroleum Corp., the country’s biggest oil and gas producer, may use a small-cap company called Daqing Huake Co. as a vehicle to list its oilfield services unit and avoid an initial public offering, according to people with knowledge of the situation.
CNPC, which owns about 55 percent of Daqing Huake through two subsidiaries, is also considering using the Shenzhen-listed company for its equipment-making unit, said the people, who asked not to be identified as the information isn’t public. There is no timeline for the possible listing, they said. Daqing Huake Board Secretary Meng Fanli and a Beijing-based spokesman at CNPC separately declined to comment.