BUSINESSWEEK ONLINE : JANUARY 24, 2000 ISSUE
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INTERNATIONAL -- ASIAN BUSINESS Making Over Petrochina THE OLD COMPANY CNPC was a 1.5 million-worker conglomerate that was China's dominant developer of onshore oil and gas reserves and owned gas pipelines, refineries, filling stations, schools, and medical clinics. Management control was dispersed throughout the provinces. THE WORKOUT CNPC's best assets were spun off into PetroChina, which kept only one-third of workers. CNPC still owns overseas ventures, outmoded refineries, and social services, and employs 1 million. THE NEW COMPANY PetroChina will list in New York and Hong Kong and will rank as the world's fifth-biggest oil company. It aims to slash $1 billion in production costs and boost return on capital. DATA: BUSINESS WEEK _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _					RELATED ITEMS Can China's Revamped Oil Giant Fly on Wall Street? (int'l edition) TABLE: Making Over Petrochina INTERACT E-Mail to Business Week Online

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