Sinopec to Sell 50 Pct of Key Gas Pipeline Amid Falling Profits

(Beijing) – Energy giant China Petroleum & Chemical Corp. said it plans to sell half of its stakes in a cross-country pipeline, following a similar sale by state-owned peer PetroChina in November.

In a brief statement to the Hong Kong stock exchange on August 2, Sinopec said it would sell 50 percent of a pipeline connecting several natural gas fields in the southwestern province of Sichuan to cities on the east coast including Shanghai.