PipeChina Officially Takes Over Assets by Sep 30 Deadline
China Oil and Gas Piping Network Corporation (PipeChina) hosted the transfer ceremony on oil and gas assets and operating rights on September 30, 2020. The capital of all investors will come into force by 24:00 September 30, and the assets, business and personal from the three NOCs will be officially transferred to PipeChina by the same time and start to work under the name of the new fourth NOC PipeChina.
With all the processing and legal progress done, PipeChina has officially established an empire with 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%). The three NOCs, CNPC, Sinopec and CNOOC, contribute with 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 with capital.
