CNPC Jilin Chemical’s engineering unit to shift business

China Petroleum Jilin Chemical Engineering & Construction Co., Ltd., a listed arm controlled by CNPC Jilin Chemical Group, is gearing up for a major business shift. The listed company announced plans to sell shares via private placement to its potential holding company Shanxi Coal Import & Export Group Co., Ltd. (Shanxi Coal) in exchange for the assets and liabilities of three coal mining companies and 18 coal trading companies held by Shanxi Coal, as well as its domestic coal sales operations. After the share offering and asset regrouping, China Petroleum Jilin Chemical will focus on coal mining and trade, instead of petroleum engineering projects. (December 23, 2008)