Kunlun Energy, an affiliate of PetroChina, has signed an agreement to sell a 60% stake in a Beijing natural gas pipeline and a 75% stake in the 6 Mt/year (13.5 bcm/year) Dalian LNG import terminal to PipeChina for a total consideration of CNY40.9bn (US$6.3bn).
PipeChina was created in December 2019 to bring together the long-distance pipelines owned by three state-owned energy companies, namely PetroChina, Sinopec and CNOOC, in an attempt to guarantee a neutral access to the domestic oil and gas pipeline network (mainly owned by PetroChina) and to encourage smaller and non state-owned companies in the oil and gas sector. The new company is tasked with investing in, building, interconnecting and operating oil and gas pipelines. PipeChina is controlled by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). In July 2020, PipeChina reached an agreement to take over oil and gas pipelines, gas and LNG receiving terminals and storage facilities from the state-owned oil and gas groups PetroChina (subsidiary of CNPC) and Sinopec for a total of CNY 391bn (US$55.9bn).
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