Seeking Alpha

China’s CNPC said to seek creation of single gas company

  • China National Petroleum (NYSE:PTR) may combine units to create a single natural gas company to compete with private rivals, ahead of an inflow of Russian fuel at the end of the decade, Bloomberg reports.
  • The plan under consideration would be for CNPC’s Hong Kong-listed Kunlun Energy unit to buy unlisted gas distributor PetroChina Kunlun Gas.
  • CNPC’s desire to combine commercial sales of liquefied natural gas with retail gas distribution is not new; a plan was thwarted last year by a government graft probe that snared two Kunlun Energy chairmen.
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