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PetroChina to establish PetroChina Eastern Pipelines

Staff writer |
PetroChina intends to establish a wholly owned subsidiary, PetroChina Eastern Pipelines Co., Ltd., and to subsequently transfer its 100% equity interest in Eastern Pipelines through a public tender at an equity exchange.

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The establishment of the new subsidiary will be made by making capital contribution wit relevant assets and liabilities of the First and the Second West-East Gas Pipeline managed by the West-East Gas Pipeline Branch, together with the relevant assets and liabilities of the Second West-East Gas Pipeline as verified by the Pipeline Construction Project Management Department of PetroChina.

Eastern Pipelines is proposed to be incorporated within the Shanghai Pudong New Area with a registered capital of Rmb10,000 million. PetroChina will retain an intermediary to conduct an evaluation of the entire equity interest in Eastern Pipelines and will use the evaluation results filed with CNPC as a basis for determining the transfer price of the equity. Upon completion of the transfer, PetroChina shall cease to hold any interest in Eastern Pipelines.


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