• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 8 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 11 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 1 day Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 13 hours Forecasts for Natural Gas
  • 23 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
IEA Says Clean Energy Spending Must Triple

IEA Says Clean Energy Spending Must Triple

Investments in low-carbon energy need…

A Novel Solution To The Plastic Pollution Problem

A Novel Solution To The Plastic Pollution Problem

Global initiatives and new technologies…

China Readies State Oil, Gas Pipeline Firm In Major Asset Shakeup

China is set to announce this year the creation of a state-held oil and gas pipeline company, combining the midstream assets of the national firms in a bid to allow energy companies to focus on boosting exploration and production, Reuters reported on Wednesday, citing three people with knowledge of the plans.  

Combining China’s pipeline infrastructure into one firm and opening access to this infrastructure to foreign and private producers would help the state oil and gas firms to focus on exploration at a time when China aims to increase its domestic production.

China’s National Development and Reform Commission (NDRC)—the economic planning body—has already approved the plan for the major reshuffle, while the State Council has yet to issue a final approval, one of Reuters’ sources said.

The plan would be the biggest energy ‘reform’ in China since 1998 when the country restructured its oil and gas sector and created China Petroleum & Chemical Corporation, or Sinopec, and PetroChina, according to Reuters.

A pipeline company would be a fourth major state energy firm, alongside Sinopec, PetroChina’s parent firm China National Petroleum Corporation (CNPC), and China National Offshore Oil Corporation (CNOOC).

Of the current large energy companies, PetroChina will be the most affected by the plan because it currently controls 70 percent of the oil pipelines and almost 80 percent of the major gas pipelines.

PetroChina told Reuters in an email that it hopes that the plan for asset reshuffle would take place in “accordance with the principle of marketization” to address the company’s concern about how its pipeline assets would be valued. 

Lin Boqiang, an independent board member at PetroChina and Director of the Energy Economics Institute at Xiamen University, told Reuters that the pipeline asset reshuffle could set the stage for China to reform the dominance of Sinopec, PetroChina, and CNOOC over domestic exploration and let independent companies also explore for oil and gas.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News