CNPC & Sinopec to Transfer 391 billion RMB Assets to COGPNC
China National Petroleum Corporation (CNPC Group) and China Petrochemical Corporation (Sinopec Group) announced on July 23, 2020 to transfer oil and gas piping assets by 268.7 billion and 122.6 billion RMB respectively to China Oil and Gas Piping Network Corporation (COGPNC) for cash and COGPNC’s stakes by 29.9% and 14% respectively.
After the asset transfer, COGPNC will reach 500 billion RMB registered assets, and its shareholders will be PetroChina (29.9%), China Chengtong Holdings (12.87%), China Reform Holdings (12.87%), National Council for Social Security Fund (10%), Sinopec (9.42%), China Insurance Investment (9%), Sinopec Natural Gas (4.58%), SASAC (4.46%), CNOOC G&P (2.9%), CIC International (2%) and Silk Road Fund (2%). Herein, CNPC, Sinopec and CNOOC will contribute in oil and gas assets (natural gas pipelines, crude oil pipelines, refined oil pipelines, oil and gas storage facilities, LNG receiving terminals, etc.), and the rest shareholders will contribute in cash.
