Is China working on a big bang merger in the energy space? Following on the merger of two state-owned railcar makers to compete with Germany’s Siemens and Canada’s Bombardier, the buzz is that the government wants to create an oil behemoth by merging four major domestic oil producers. What should worry the US is the clout of the merged entity. Comprising China National Petroleum Corp, China Petrochemical Corp, China National Offshore Oil Corp and Sinochem Group, the oil firm will be twice as big as ExxonMobil in terms of revenue.