PetroChina Selling Half of Subsidiary Running Central Asian Pipelines

(Beijing) – PetroChina Co. Ltd. says it will sell half of a subsidiary that runs pipelines in Central Asia to a state-owned investment firm, a move one analyst says will help reduce its debt burden.

PetroChina, the listed subsidiary of state-owned oil giant China National Petroleum Corp. (CNPC), said on November 25 that it will sell half of Trans-Asia Gas Pipeline Co. to a subsidiary under China Reform Holdings Corp. Ltd. at about 15 billion yuan.