Bloomberg: China’s CNPC plans spinoff of assets with 140K workers
Seeking Alpha
Published Nov 14, 2016 11:18AM ET
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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