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PetroChina re-evaluates Eastern Pipelines sale

  • PetroChina (NYSE:PTR) is having second thoughts of auctioning off its multi-billion dollar Eastern Pipelines division, and may now sell it to an affiliate - United Pipelines. Eastern Pipelines' NAV is valued at an estimated $4.7B-$6.3B.
  • The move would allow the gas giant to retain control over the national gas grid as well as raise cash to fund oil and gas exploration. However, the new decision would put a setback on the government's plans to open up the state-dominated energy sector to domestic private investors.
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