China Daily: PetroChina to Sell Stake in Trans-Asia Gas Pipeline

PetroChina Co Ltd, the country's biggest oil and gas producer, is selling a half stake in its subsidiary Trans-Asia Gas Pipeline for 15.5 billion yuan (US$2.4 billion) to strengthen its balance sheet amid weak oil and gas prices.

The divestment, already approved by its board, is also expected to speed up the government's reform of the energy sector, as it looks to spin off State-owned oil and gas pipelines into independent businesses.

Shares in PetroChina dropped 0.11 percent to 8.97 yuan on Thursday in Shanghai.

The stake is being sold to a unit of the Beijing-based China Reform Holdings Corp, a State-owned asset management company.

PetroChina's profit dropped 81 percent to 5.2 billion yuan during the first three quarters of this year, its lowest since 2007. MORE