China National Petroleum Corporation (CNPC), the parent company of China's top oil and natural gas producer PetroChina (PTR.NYSE; 00857.HK; 601857.SH), is working on a plan to integrate and list oil and natural gas pipelines, said a report by 21st Century Economic Herald on Friday.
CNPC hopes to integrate oil and gas pipelines from different subsidiaries and float the assets in the end, said the report citing an anonymous resource close to the matter. "CNPC is having talks with investment banks and Baosteel Iron and Steel Co., Ltd. and carrying out internal integration," said the source. CNPC would slash its holdings in oil and gas assets and allow in other investors to break its criticized monopoly in the sector.
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