CNPC 'plans reshuffle of engineering subsidiaries'

Energy analyst says the State giant might aim for initial public offering of its major units

China National Petroleum Corp, the country's energy giant, is planning a reorganization of its engineering units, an official with the company said on Friday.

"The detailed plan has not been revealed yet, but we are doing the technical research and a top-level design for the restructuring. We are taking the initiative to adapt to changes and promote business-model innovation as part of efforts to respond to challenges brought on by low oil prices," the official said, who prefers to be anonymous.