SEP 30: COGPNC Confirmed Asset Transfer Deadline

SCI99

2020-05-27

SEP 30: COGPNC Confirmed Asset Transfer Deadline

According to sources, China’s newly established oil and gas pipeline giant COGPNC has set the 500 billion RMB asset and personal transfer schedule to September 30, 2020.

Since its establishment in 2019’s December 9, the nameplate management right of related assets in CNPC, Sinopec and CNOOC had been transferred to COGPNC by SASAC, but the asset transfer was much more complicated and was delayed by the outbreak of coronavirus, and the previous schedule June 30 was unachievable. Therefore, the group company recently noticed affiliates to expand the deadline to September 30. By then, the asset transfer, personal transfer and project transfer shall be completed, and the operating pattern and business mode shall be established, so as to secure the smooth operation of all business after the transfer. Also, according to inside source, the transfer of September 30 will be the actual management rights, and the proprietorship right will take much more time to deliver, considering the massive scale and complication of asset evaluation and clarification.

As a matter of fact, the corporation headquarter had been normally running for a while. The engineering dept. recruited in March and hosted Longkou Terminal Break-Ground Ceremony on May 16, and the info dept. also hosted an internet security meeting on May 19. The group office planned to put the HQ Kejian Building located in Beijing’s Hepingli into use from July, and by October, all HQ departments shall be installed.

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