(MENAFN) China's top oil and gas producer giant, PetroChina, is to use part of its pipeline business in order to form a new company, which will be sold later as part of its combined-ownership drive, Xinhua reported.
According to a PetroChina announcement, the new company will be based on assets and liabilities related to the west-east gas pipeline managed by its pipeline subsidiary, while shares will be transferred after its establishment.
The announcement said that the total assets involved are projected at over USD803.9 billion, while liabilities and net assets hit a total of USD519.6 million and USD 284.3 million, respectively.
The move will improve PetroChina distribution of resources and financing structure, the firm said, adding that the new company, which could possibly be called East Pipeline Company, will be established in Shanghai with a USD 98 billion registered capital.
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