PetroChina Co Chairman Jiang Jiemin will replace Wang Yong as head of a government body overseeing China's biggest state-owned companies, according to two sources.

The appointment to the State-owned Assets Supervision and Administration Commission has been announced within the company, said the people, who asked not to be identified because they weren't authorized to disclose the decision. Jiang, 57, resigned as chairman due to "work changes," the company said in a statement filed to the Shanghai Stock Exchange yesterday, without giving details.

Jiang takes the role at SASAC, which oversees 115 of China's biggest state-owned companies, as groups from China National Petroleum Corp, PetroChina's state-owned parent, to China Petrochemical Corp acquire assets abroad to meet resources demand. He takes over as new Premier Li Keqiang pledged to open the economy to more market forces and reduce the role of the state.

"This is a well-deserved promotion for Jiang," said Gordon Kwan, head of energy research at Mirae Asset Securities Ltd. "Jiang successfully led PetroChina into the overseas M&A race, landing great acquisition prizes in Australia, Canada and many other countries."

Wang has already been named a State Councilor.

"We haven't received any official notice on the appointment yet," Zhang Jinting, an SASAC spokesman, said yesterday. "But it won't be long before an official announcement is made."

Zhou Jiping, vice chairman of PetroChina, will be acting chairman until a new chairman is elected, one of the people said.

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