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

- Biogas in France: TotalEnergies starts its 2nd largest unit in Normandy
- ONEOK announces joint ventures with MPLX to build LPG export terminal at U.S. Gulf Coast location
- Ukraine plans to import 800 MMm3 of gas until April after Russian strikes
- Parker Hannifin joins iHAPC project to test H2 and argon for cleaner and more energy-efficient engine technologies
- India's BPCL signs LPG supply deal with Norway's Equinor
Comments