China Oil and Gas Co., Ltd. is a state-owned enterprise, but why can it go public for financing?

Because PetroChina is not 100% state-owned holding company. In China, all listed companies are public companies, and state-owned enterprises have to be restructured into joint-stock companies to form a diversified shareholder structure, and then they will be open to the public because of listing and issuance. Therefore, some public shares, such as former state-owned enterprises like PetroChina, are listed. Generally, a group company will be retained above the listed company, and the group company is the controlling shareholder of the listed company. Group companies are generally wholly state-owned, which not only meets the requirements of the shareholding structure of listing, but also ensures the control of the state.

China Oil and Gas Co., Ltd. ("China Oil" for short) is the largest oil and gas producer and seller in China oil and gas industry, one of the largest sales companies in China and one of the largest oil companies in the world. By the beginning of 20 13, the total assets reached $347.8 billion. Since its establishment, China Petroleum has established and improved a standardized corporate governance structure in accordance with the Company Law, Articles of Association of Overseas Listed Companies and other relevant laws and regulations, normative documents and articles of association. The shareholders' meeting, the board of directors and the board of supervisors of the company can operate independently and effectively in accordance with the articles of association.