Chinese energy company merger may compete with Exxon and Shell

Chinese energy company merger: Chinese authorities are considering merging some of its largest oil and petrochemical companies in the country in a move that would create an entity even bigger than Exxon Mobil or  Royal Dutch Shell. According to reports in the Wall Street Journal, the options under consideration include bringing together  CNPC with its major domestic competitor Sinopec; or merging CNOOC with Sinochem. “We want to create a major Chinese brand to improve competitiveness abroad. We want our own ExxonMobil,” a Chinese official is quoted as saying. 

Source: Interfax