China National Petroleum Corporation (CNPC), the parent company of China's top oil and natural gas producer PetroChina (PTR.NYSE; 00857.HK; 601857.SH), Monday examined and approved four reform documents in principle, according to a release by CNPC on Tuesday.
Included are an implementation plan for empowering four subsidiaries, guidance on introducing asset light mode in CNPC, a reform plan on introducing management mode by professional and technical posts and a plan to adjust and decentralize powers in the third batch.
The four reform documents would be conductive to simulating internal vitality, improving competitiveness, tapping creativity of professionals and prompting reform and development drive.
The four reform plans would undergo revision and optimization before formal release and implementation, according to the release.
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