The long-awaited state pipeline company aims to provide other investors fair market access to infrastructure that is mainly controlled by China’s three national oil companies, Xinhua said.
“The new company will separate (oil and gas) transportation, production and sales, and open (transportation) to third-party entities, which will benefit market competition,” said Xinhua, citing an unidentified official at the newly launched pipeline company.
The new entity is expected to manage most of the country’s pipeline infrastructure, controlled by energy giants China National Petroleum Corp (CNPC), Sinopec and CNOOC, and some underground natural gas storage, as well as a few liquefied natural gas terminals.
As of end-2018, CNPC owned 63% of China’s mainstream oil and gas pipelines, while Sinopec and CNOOC controlled 31% and 6%, respectively.
