Jiang Jiemin is to take the top position at the state-owned Asset Supervision and Administration Commission, PetroChina Co. said on Monday.
Mr. Jiang was chairman of China National Petroleum Corp. and PetroChina.
His new appointment will be announced soon, Mao Zefeng, a spokesman for PetroChina, told the Wall Street Journal. Vice Chairman Zhou Jiping will become the interim chairman of China National Petroleum Corp. and PetroChina.
A SASAC news department official declined to comment.
Previous SASAC director Wang Yong was promoted to the State Council, or cabinet, on Saturday. Changes typically occur every few years at China's state-owned companies as the communist party reassigns top officials.
Mr. Jiang was appointed chairman of listed unit PetroChina in 2007 and has been chairman of CNPC since 2011.
PetroChina accelerated the development of its natural-gas business and acquired overseas oil-and-gas assets to increase its hydrocarbon reserves.
SASAC is in charge of regulating, reforming and restructuring China's state-owned enterprises and assets.