皇冠体育app

Petro皇冠体育app Co Ltd, the country's largest oil and gas producer, said it will take over the management of parent 皇冠体育app National Petroleum's refining and petrochemical assets in Daqing in northeastern 皇冠体育app's Heilongjiang province.

The management of Daqing Petroleum and Chemical will be transferred to Petro皇冠体育app from July 1, Petro皇冠体育app affiliate Daqing Huake Co Ltd said in a statement.

Daqing Huake said CNPC will still ultimately control Daqing Petroleum and Chemical after the management transfer, clarifying rumors that the assets of Daqing petroleum will be injected into Petro皇冠体育app.

According to market speculation, the restructuring will pave the way for Petro皇冠体育app to take over the assets of Daqing Petroleum, part of the downstream operations of Daqing oilfield.

Daqing Petroleum and Chemical has set a sales target of 1.5 billion yuan by end-2010 with profit projected at 50 million yuan, it said.