Deals
Sinopec Sells $3.3 Billion Stake in Natural Gas Pipelines
- China Life, SDIC buying 50% of Sichuan-to-East China pipelines
- Sinopec approved sale of natural gas pipeline unit in August
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China Petroleum & Chemical Corp. is selling a 50 percent stake in a pipeline unit to investors including China Life Insurance Co. for 22.8 billion yuan ($3.3 billion) as it seeks funds to expand its natural gas business.
China Life will pay 20 billion yuan for a 43.86 percent stake in the pipeline, while a division of State Development & Investment Corp. will get the remaining 6.14 percent for 2.8 billion yuan, the state energy giant, known as Sinopec, said in a statement to the Hong Kong stock exchange Monday.