Jiang Jiemin, chairman of China National Petroleum Corporation, China's largest oil and gas producer and supplier, will reportedly step in to the position of chairman of the State-owned Assets Supervision and Administration Commission (SASAC), financial news website eeo.com.cn reported Monday.

According to the report, the source from SASAC did not deny the transfer news, but said the information has not been released officially.

Wang Yong, who had been the chairman of SASAC, was endorsed as the state councilor at the sixth plenary meeting of the first session of the 12th National People's Congress held Saturday.