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
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