FredCrawley

China’s largest oil company will set up a leasing business,
China Business News has reported.

According to the publication, China National Petroleum Corp
(CNPC) has been given regulatory approval to roll out Kunlun
Financial Leasing (KFL), a joint venture with Chongqing Machinery
and Electronics Holdings.

CNPC will hold a 90 percent stake in Kunlun, after providing
€582 million of its €647 million starting capital.

The first Chinese lessor to be founded by a non-financial
institution, Kunlun will target equipment finance for the
manufacturing sector, as well as for CNPC’s business in the oil
industry.

Fred Crawley