PetroChina Sets Up New Pipeline Unit

PetroChina, via its subsidiary PetroChina Pipelines, will integrate its pipelines operations by bundling three companies.

In a statement published Thursday PetroChina said upon completion of the integration, the company will own 72.26 percent equity interests in PetroChina Pipelines, which will own 100 percent equity interests in the three companies.

PetroChina said the new pipeline platform bundles together assets from three subsidiaries - Eastern Pipeline Co Ltd, Northwest United Pipeline Co Ltd and PetroChina United Pipelines Co Ltd.

Following the completion of the transaction, the registered capital of PetroChina Pipelines shall be increased from RMB50 million to RMB80 billion ($12.3 bn).

PetroChina controls nearly 80 percent of the country's gas pipelines network.