China steps up energy overhaul with PetroChina pipeline sale
It will sell a 50% stake in Trans-Asia Gas Pipeline to a unit of China Reform Holdings, another state-owned company
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Hong Kong
PRESIDENT Xi Jinping's overhaul of China's energy industry took a step forward as PetroChina Co announced plans to unload US$2.4 billion in Central Asian pipelines.
The country's biggest energy producer will sell a 50 per cent stake in Trans-Asia Gas Pipeline Co to a unit of China Reform Holdings Corp, another state-owned company that acts as an investment firm charged with revamping government-run entities. Trans-Asia Gas Pipeline operates a 1,830 km system that carries gas through Turkmenistan, Uzbekistan and Kazakhstan to China's far western province Xinjiang.
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