Sinopec sells 50% stake in gas pipeline to China Life Insurance, SDIC unit
BEIJING (Reuters) -- China's Sinopec said on Monday it had sold a 50% stake in its key Sichuan-East China gas pipeline to China Life Insurance and SDIC's transportation unit for $3.3 billion.
The sale comes just months after the country's second-largest oil and gas group announced plans to divest half of its share of the pipeline, in a move spurred by Beijing's reform push to boost efficiency and increase infrastructure investment in cleaner fuel.
In a statement on Monday, Sinopec said China Life Insurance would hold a 43.86% stake in the gas pipeline and SDIC's unit would have a 6.14% share.
Sinopec has said previously the proceeds would be used to expand the 1,370 miles pipeline and build gas storage facilities.
Reporting by Meng Meng and Aizhu Chen; Writing by Josephine Mason; Editing by Mark Potter
- Freeport LNG export plant in Texas reports shutdown of liquefaction train
- TotalEnergies and Mozambique announce the full restart of the $20-B Mozambique LNG project
- RWE strengthens partnerships with ADNOC and Masdar to enhance energy security in Germany and Europe
- Five energy market trends to track in 2026, the year of the glut
- Venture Global wins LNG arbitration case brought by Spain's Repsol
Comments