State-owned Chinese O&G players have reportedly shed their stakes in the pipeline networks totalling over US$56 billion under the CCP government’s oil & gas restructuring plan.
PetroChina reportedly sold off at over 1.2 times the book value of the pipeline assets while Sinopec received a selling price of roughly 1.4 times the book value of the underlying assets.
The pipeline assets are being brought under a single umbrella of the next state-owned conglomerate in making, China Oil & Gas Network, or PipeChina. A consolidation of the national midstream assets is aimed to relieve other majors to focus on upstream activities.
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