Restructuring of China's oil industry continues as doubts regarding its success loom

FACTS Inc.HonoluluThis article is based on an advisory issued by Fesharaki Associates Consulting & Technical Services Inc. (FACTS Inc.), a consulting group directed by Fereidun Fesharaki. With an average output of 85,000 b/d of oil in 1998, the Tarim basin in Northwest China is one of state firm China National Petroleum Corp.'s key oil producing areas. Shown here is a CNPC drillsite in the Tarim basin. Photo courtesy of CNPC.Click here to enlarge imageReform of the Chinese oil industry has entered its second phase since early 1999. The target is to improve the efficiency and competitiveness of the state oil companies and partially privatize them by offering shares to public investors...

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