Four Chinese oil titans plan to form a group

China's state-owned oil refining giants are in discussions to create a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars, Report informs, citing Bloomberg.

Senior executives from China Petroleum & Chemical Corp., PetroChina Co., Cnooc Ltd., and Sinochem Group Co. are in advanced talks to iron out the plan's details, said people familiar with the initiative who asked not to be identified as discussions are private and ongoing. The proposal has won the support of the Chinese central government and relevant industry watchdogs, the people said.

For a start, the group is set to collectively issue bids for certain Russian and US oil in Jule.