Not Business As Usual: China’s Oil Majors Are No Longer Invincible
CNPC (along with its publically listed subsidiary PetroChina) and Sinopec have seen better days. The two Chinese oil majors have been humbled in recent weeks as the former is being subjected to Beijing’s tightening anti-graft noose and the latter just lost a billion dollar international court case. Only CNOOC for the moment, China’s third state owned oil major, remains unscathed. The Big Three, which have c ...
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