China’s state-owned energy network company PipeChina has bought a number of pipeline and storage assets from PetroChina and Sinopec for a total of CNY 391.4 billion ($56 billion).
The new company will take on the pipelines, storage facilities and natural gas receiving terminals operated by China National Petroleum Corp (CNPC), China Petroleum and Chemical Corp (Sinopec Group), and China National Offshore Oil Company (CNOOC). The sale excludes the assets of Kunlun Energy, in which PetroChina has a 54.4 percent stake. Kunlun owns gas pipelines linking the northwestern province of Shaanxi and China’s capital Beijing.
Once completed, PetroChina and Sinopec will hold 29.9 percent and 14 percent, respectively, of Pipechina.
