PetroChina buys pipeline assets for 9.7b yuan

PUBLISHED : Friday, 19 June, 2009, 12:00am
UPDATED : Friday, 19 June, 2009, 12:00am

PetroChina, the country's largest oil and gas producer, plans to acquire the western pipeline assets from parent company China National Petroleum Corp for 9.71 billion yuan (HK$11.01 billion). The assets to be acquired include a crude oil pipeline and a refined oil pipeline, each with a length of 1,858km, stretching from Urumqi in Xinjiang in the west to Lanzhou, Gansu province, in the east. The acquisition will strengthen the company's capabilities in pipeline transmission, enabling it to achieve optimal distribution and operational efficiency of the pipeline resources.