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China's new state-owned energy pipeline company China Oil & Gas Pipeline Network Corp (PipeChina) announced its maiden acquisition worth 3.2 billion yuan.
Formed in December to hold pipeline assets owned by the nation’s three state oil and gas companies, PipeChina has bought a 100 per cent stake in the Yulin-Jinan pipeline from Sinopec Kantons. It is part of Beijing’s energy sector reform to incentivise domestic exploration and production investment to stem rising imports and enhance energy security.
“The deal enables the company to focus on projects with higher returns . . .
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