Approval gained for China’s second largest lessor

25/02/2010

China's major energy group, China National Petroleum Corp (“CNPC”) has won regulatory approval to set up a financial leasing venture, the official Shanghai Securities News has said. The venture, to be 90 percent controlled by CNPC, would be the country's second-largest financial leasing firm, with registered capital of 6 billion yuan ($878 million), according to the report.

The first leasing company in China to be set up by a non-financial institution, the firm would expand CNPC's reach into the financial business. CNPC, the parent company of PetroChina, already owns a small commercial banking unit, and a trust unit. The new venture will focus on leasing equipment to manufacturers, as well as to CNPC's own petrol stations, oil fields, and drilling operations.

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