Sinopec will sell 50% shares in one of the largest pipelines in China

Almaty. August 4. Silkroadnews – Chinese oil and gas company Sinopec is going to sell 50% of shares in one of the largest gas pipeline in China to investors, the newspaper “China Daily” writes.

The point in case is about the Sichuan-East China gas pipeline delivering natural gas from Puguan gas field in southwest China to the mostly densely populated coastal regions of the country. According to the newspaper, Sinopec expects to receive 15 billion yuan ($2.3 billion) at least.

The revenues from the sale of the business will be used to expand the company’s gas pipeline network and build new gas storage facilities. It is noted in the article; it will remove some of the restrictions on the growth of natural gas consumption in China.

The Sichuan-East China gas pipeline was put into operation in 2010 and its capacity allows to transit 12 billion cubic meters of natural gas per year.