Deals
China Steps Up Energy Overhaul With PetroChina Pipeline Sale
- PetroChina sells $2.4 billion pipeline stake to fellow SOE
- Establishment of `National Gas Pipeline Entity' seen possible
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President Xi Jinping’s overhaul of China’s energy industry took a step forward as PetroChina Co. announced plans to unload $2.4 billion in Central Asian pipelines.
The country’s biggest energy producer will sell a 50 percent 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 1,830 kilometer (1,140 mile) system that carries gas through Turkmenistan, Uzbekistan and Kazakhstan to China’s far western province Xinjiang.