Beijing started considering reforming the sector nearly a decade ago but only approved the plans early 2019, spurred by a national campaign to boost consumption of the cleaner burning natural gas and curb dirtier coal.
PetroChina, China’s state-owned oil and gas firm, said on Thursday it
would sell its major oil and gas pipelines and storage facilities to the
newly launched China Oil and Gas Pipeline Network for 268.7 billion
yuan ($38.36 billion).
The creation of the new company, also called PipeChina, marks the
largest industry reshuffle in the country in the past two decades, aimed
at providing fair market access to infrastructure and boost investment
in oil and gas production.
Beijing started considering reforming the sector nearly a decade ago
but only approved the plans early 2019, spurred by a national campaign
to boost consumption of the cleaner burning natural gas and curb dirtier
coal.
As part of Thursday’s deal, PetroChina said it will get a stake of
about 30 per cent, worth 149.5 billion yuan, in PipeChina and that the
new entity would pay the rest in cash.
The sale excludes the assets of Kunlun Energy, in which PetroChina
has a 54.4 per cent stake, it said in a statement. Upon completion of
the transactions, PipeChina will become an associate company of
PetroChina, a listed arm of CNPC.
PetroChina expects to book a gain of 45.82 billion yuan from the
disposal of its assets, which it will use to pay dividend and for
capital expenditure, it said in a statement.
Earlier in the day, China Petroleum & Chemical Corp (Sinopec)
also announced plans to sell some of its oil and gas pipeline assets for
47.11 billion yuan to PipeChina, of which 22.89 billion yuan will be
injected into PipeChina for an equity interest.
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