PetroChina to spin off key gas pipelines

PetroChina (PTR) says it will spin off part of its transnational gas pipelines business, the latest move in China's strategy to invite outside capital into state-dominated sectors including energy.

PTR plans to establish a separate company comprising two of its west-east pipelines, which carry natural gas more than 4K km from the central Asian border region of Xinjiang to Shanghai and Guangdong on the east coast; PTR values the assets at $4.7B-$6.3B.

Rival Sinopec (SNP) became the standard bearer for the new policy earlier this year with its $20B plan to sell a minority stake in its gasoline stations and convenience store business.

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  • 11146471
    , contributor
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    Are these new spin-off entities going to be listed in H-K?
    13 May 2014, 12:05 PM Reply Like
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