COGPNC First Batch of Asset Transfer Conjecture

SCI99

2020-04-08

导读：COGPNC First Batch of Asset Transfer ConjectureRecentl

COGPNC First Batch of Asset Transfer Conjecture

Recently, an attendee list of COGPNC’s audit meeting on April 8-9 was leaked, and the subsidiaries of the three NOCs in the list were considered as the first batch of asset transfer, including three LNG terminal operators: CNOOC Tianjin LNG Company, CNOOC Yuedong LNG Company and Sinopec Beihai LNG Company.

Besides the three LNG terminal operating companies above-mentioned, the majority of the attendees were natural gas pipeline subsidiaries of CNPC, Sinopec and CNOOC, including PetroChina Pipeline Company, PetroChina West-to-East Pipeline Company, PetroChina Beijing Natural Gas Pipeline Company, PetroChina West Pipeline Company, PetroChina Southwest Pipeline Company, PetroChina Pipeline Storage and Transportation Company, Sinopec Sichuan-to-East Pipeline Company, Sinopec Xinjiang CTG Pipeline Company, Sinopec Yu-Ji Pipeline Company, Sinopec HCIG Natural Gas Construction Company, Sinopec Qing-Ning Pipeline Company, Sinopec Tianjin Pipeline Company, Sinopec Zhongyuan Natural Gas Storage Company, CNOOC Natural Gas Pipeline Company and CNOOC North China Natural Gas Pipeline Company.

Since the establishment of the fourth national oil corporation last December, COGPNC is in talks on natural gas asset transfer with the other three (CNPC, Sinopec and CNOOC) actively and orderly. The asset list includes long-distance natural gas pipelines with capacity over 4 MPa, shares of provincial piping network companies owned by the three giants, many terminals and shares of terminals under NOC control, and a major part of natural gas underground storage facilities.

However, according to multiple sources, all the asset lists were just big guesses, and the final approved asset list of each batch was still uncertain and may be fine-tuned before the last minute. LNG terminals are considered as the easy part, thus, it is estimated that CNOOC Tianjin, CNOOC Yuedong and Sinopec Beihai will be the first three terminals in the first batch, and CNOOC Diefu, CNOOC Yangshan and CNOOC Fangchenggang are considered to be in the second batch. CNPC Dalian terminal is under CNPC’s Hong Kong-listed Kunlun Energy, and its transfer will be way more complicated than CNOOC and Sinopec, and CNPC Dalian is considered to be in the third and last batch with other proposed and under-construction projects to hand over to COGPNC in a long run. COGPNC’s LNG receiving capacity will reach 24.6 Mtpa, taking up one third of China’s total LNG receiving capacity, and COGPNC is forging up a new LNG empire but with non-commercial and public service natures.

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