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Policy & Regulation

ENN reshuffle aims to challenge market power of Chinese NOCs

The change in ownership of ENN Energy Holdings represents the start of an effort to build an integrated gas major in China better suited to competing in a liberalised market The change in ownership of ENN Energy Holdings represents the start of an effort to build an integrated gas major in China better suited to competing in a liberalised market.
By Colin Shek Yesterday Asia Pacific / Policy & Regulation 0 34582
ENN Energy city gas facilities. (ENN)

A merger between ENN Energy – one of China’s major downstream companies – and midstream and upstream player ENN Ecological is expected to increase competition in China’s oil and gas sector by reducing the market power of the ‘big three’ NOCs – PetroChina, Sinopec, and China National Offshore Oil Corp.

Hong Kong-listed ENN Energy provided a draft proposal for the restructuring last Wednesday. The company first disclosed at the end of August that its chairman and controlling shareholder, Wang Yusuo,...