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Bloomberg: China’s CNPC plans spinoff of assets with 140K workers

Published 11/14/2016, 11:18 AM
Updated 11/14/2016, 11:18 AM
Bloomberg: China’s CNPC plans spinoff of assets with 140K workers
  • China National Petroleum (PTR -0.5%) plans to spin off most non-energy assets, a portfolio comprising ~10% of its workforce, as low oil prices force the company to streamline, Bloomberg reports.
  • CNPC would bundle businesses including hotels, hospitals, schools and utility companies into regional unit in a reorganization in which the assets would be taken over by local governments or folded into joint ventures with outside investors, according to the report.
  • CNPC employed ~1.46M people last year, making it the world's sixth biggest employer.

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