China's oil giants likely to spin off pipeline assets into new company
2018-06-25 10:27

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Three Chinese oil and natural gas giants including CNPC, Sinopec and CNOOC will likely spin off their pipeline assets into a new pipeline network company, the Xinhua-run reported on Friday.

Proportion of their stakes in the new company will be determined by the valuation of their pipeline assets. The new company is expected to be valued at approximately 300 billion yuan to 500 billion yuan.

According to the report, after the new pipeline network company has acquired assets, it plans to introduce social capital including state investment funds and private capital and bring the proportion of the social capital in the company to be about 50 percent.

At present, CNPC has owned more than 75 percent of the national pipeline network assets. As of the end of 2017, CNPC's domestic oil and gas pipelines had a total length of 82,374 kilometers, of which the length of natural gas pipelines was 51,315 kilometers.
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