Financial News
Written by: Zhang Weilun
2020-07-08 18:42
Date of last update: 2020-07-08 18:42According to four sources quoted by Reuters, three oil and gas companies in the Mainland have hired Morgan Stanley and Goldman Sachs as consultants for the transfer of oil and gas pipeline assets to the national oil and gas pipeline network company.
The report quoted the senior management of the oil industry as saying that the Chinese authorities hope to complete the asset transfer by September to allow the national oil debt pipeline network company to begin operations; and quote analysts who anticipate the transaction value to exceed US$40 billion.
The report also quoted a source who pointed out that the schedule may be changed. The goal is to complete the merger by the end of July.
At the end of 2019, China established a national oil and gas pipeline network company to incorporate assets such as pipelines, storage facilities and natural gas receiving stations of PetroChina, Sinopec and China National Offshore Oil Corporation into the company.
The report also quoted two sources with knowledge of the situation and pointed out that the Morgan Stanley Club provided consulting services for Sinopec and Goldman Sachs provided consulting services for PetroChina. It is not clear whether CNOOC has appointed an international advisory body.
The report also quoted industry insiders as pointing out that some asset transfers will take a long time to complete, such as the main pipeline project of the Shaanxi-Beijing Gas Pipeline, which involves joint venture partners and minority shareholders' natural gas receiving terminals.
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