PetroChina to divest of Central Asian pipelines
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
PetroChina Co. has announced plans to unload US$2.4 billion in Central Asian pipelines.
The country’s biggest energy producer will sell a 50% stake in Trans-Asia Gas Pipeline Co. to a unit of China Reform Holdings Corp., another state-owned company that acts as an investment firm charged with revamping government-run entities.
Trans-Asia Gas Pipeline operates a 1830 km (1140 mile) system that carries gas through Turkmenistan, Uzbekistan and Kazakhstan to China’s far western province Xinjiang.
The restructuring is one path on the road map for reviving underperforming state enterprises.
The collapse in energy prices over the last year has added urgency to the reform plans.
PetroChina, China’s largest oil company, 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 US$3 billion.
Edited from various sources by Elizabeth Corner
Sources: Bloomberg, Financial Times
Read the article online at: https://www.worldpipelines.com/business-news/27112015/petrochina-to-divest-of-central-asian-pipelines/
You might also like
World Pipelines Podcast: Going global with IPLOCA
In this episode, Elizabeth Corner speaks to Georges Hage, Executive Secretary at IPLOCA, about IPLOCA's insights on the culture and characteristics of the pipeline contractor community, and how it works to support sustainable energy infrastructure.
Eni and the UK Government reach financial close for the Liverpool Bay CCS project
The project foresees the efficient repurposing of part of the offshore platforms as well as 149 km of onshore and offshore pipelines, and the construction of 35 km of new pipelines to connect industrial emitters to the Liverpool Bay CCS network.
