China Moves to Create National Pipeline Titan
China’s efforts to create a national oil and gas pipeline company are set to accelerate, as Beijing looks to overhaul a sector long dominated by state-owned giants.
Private investors will be encouraged to take a stake in a new pipeline company, but it will be controlled by state-owned assets, according to a report on state-run China Central Television (CCTV) on Tuesday, which cited a high-level government meeting held by President Xi Jinping.
This news came after the creation of such a company was mentioned for the first time in a work report of the National Development and Reform Commission early this month.
The Chinese government has long tried to form a new company to connect the nation’s vast networks of oil and gas pipelines, which are operated by several state-owned energy giants that control different parts of network.
Early in 2017, Beijing rolled out a reform for the energy sector that separated transmission businesses from those that sell the resources. The policy also said the business of exploring and exploiting crude oil and natural gas would be opened to the market, including to foreign companies.
On Tuesday, President Xi was quoted by CCTV as saying China will continue to deepen market reforms in the energy sector, including by introducing private investment across the entire supply chain.
China has around 112,000 kilometers (70,000 miles) of natural gas, oil and fuel pipelines, according to Bloomberg News, with the lion’s share controlled by the nation’s “big three” oil firms — China National Petroleum Corp., China National Offshore Oil Corp. and China Petroleum & Chemical Corp.
Contact reporter Mo Yelin (firstname.lastname@example.org)
Oct 24 03:05 AM
Oct 23 06:43 PM
Oct 23 05:51 PM
Oct 23 05:40 PM
Oct 23 05:19 PM
Oct 23 12:53 PM
Oct 23 11:20 AM
Oct 22 06:38 PM
Oct 22 06:26 PM
Oct 22 06:14 PM
Oct 22 06:07 PM
Oct 22 04:52 PM
Oct 22 01:34 PM
Oct 22 12:28 PM
Oct 22 12:22 PM
- 1Cover Story: Death Follows as People Push Into Elephant Enclave
- 2Yi Gang Predicts China’s GDP Will Grow 2% in 2020
- 3In Depth: Who’s Getting Vaccinated? High-Risk Groups, Students Going Abroad Join China's Growing Trials
- 4China Encourages More Domestic Investment Abroad
- 5Gallery: Beijing’s Old Summer Palace — 160 Years After Its Ruin
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas