BP not to bid for pipeline project

Updated at 5.53pm: British Petroleum (BP) confirmed on Friday it will not bid for the west-east pipeline project in the mainland.

The company said it did not see that it could make a significant contribution to the project.

The announcement came after PetroChina officials said the bid would be closed by the end of the month.

PetroChina is building the multi-billion US dollar west-east natural gas pipeline project in China.

Analysts have said the 4,200-km pipeline project would be provide PetroChina with future earnings growth.