China Zhenhua Oil Co. Ltd. operates oil and gas fields as well as pipelines and terminals. Al-Waha Petroleum and North Petroleum International operate as subsidiaries of the company. The company is owned by defense contractor Norinco and ultimately controlled by the State-Owned Assets Supervision & Administration Commission (SASAC).
North Industries Group Corp. (Norinco) was founded in 1988. Zhenhua was established in 2003 as a subsidiary of Norinco. Vegas Oil & Gas was acquired in 2013.