PetroChina, China’s largest oil company, has restructured its gas business, in a tentative first step towards a long-awaited reform that would create a gas pipeline monopoly in the country.
The company, which is the listed arm of state-owned China National Petroleum Corp, said it would sell its stake in three large pipelines carrying gas from Central Asia, its city gas distribution business, and six underground storage facilities in an asset restructuring worth at least $3bn.
The listed company’s share in the pipelines would be sold to China Reform Holdings a state-owned asset holding company for Rmb15bn-Rmb15.5bn ($2.3bn-$2.4bn).
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