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China Is Considering Merging State-Owned Oil Companies, WSJ Says

China may merge its state-owned oil companies to create giants that will be more efficient and capable of taking on overseas rivals like Exxon Mobil Corp., the Wall Street Journal reported.

The country’s leaders have asked government economic advisers to study the possible mergers, the Journal said, citing unidentified officials familiar with the research. One plan would combine the country’s largest oil companies, China National Petroleum Corp., or CNPC, and China Petrochemical Corp., or Sinopec, according to the newspaper. Other options include merging China National Offshore Oil Corp., or Cnooc, with Sinochem Group.