污污污视频在线观看91,最新中文字幕免费福利,夫妻在线观看视频91,91亚洲精品伊人久久,蜜臀av手机在线观看,日本高清视频一区不卡,九九热三级视频在线观看,国产成人在线观看视频网,毛茸茸的亚洲丰满老女人

PetroChina is quietly divesting gas pipeline assets in south China, stepping up a plan initiated by the state energy giant last year to leave the low-return midstream sector in favour of more lucrative exploration and production.

China’s biggest pipeline operator obtained regulatory approval from Beijing on 7 April to transfer its controlling interest in a joint venture that runs gas pipelines in the Guangxi region to another stakeholder, the local arm of the state-owned assets regulator said in an online statement.

PetroChina, which is also the country’s largest oil and gas producer, will transfer its entire 51% shareholding in Guangxi PetroChina Kunlun Natural Gas to a regional government investment vehicle that already holds a 24.5% interest.

Guangxi Investment Group will own 75.5% of the pipeline operator after the transaction, with remaining stakeholder Beijing Ruichuan New Energy Investment’s equity unchanged at 24.5%. The statement did not say how much PetroChina’s stake was worth or if it would be compensated for the transfer.

PetroChina is also looking to divest its 23% interest in Guangdong Natural Gas Grid, the pipeline operator of neighbouring Guangdong province – and could be joined by partner China National Offshore Oil Corp. (CNOOC), which owns another 23% share.

"I have heard that CNOOC is in talks with the Guangdong government and local companies to transfer its stake too," a consultant from the Guangdong Oil and Gas Association told Interfax.

Low returns and the oil price slide may be behind PetroChina’s withdrawal from the pipeline business, the consultant added. "Building provincial gas pipeline networks is capital-intensive. Construction costs can be budgeted in advance, but land purchases might cost more or less than expected."

"A budget overrun for whatever reason extends the payback period and time required to start generating returns. Furthermore, the drop in crude prices hurt PetroChina’s profit last year. It is logical to sell some non-performing assets now to claw back capital."

Politics at play

Politics could also be behind the transfer. Some industry observers have interpreted the deal as a move by PetroChina to placate critics of its monopoly over China’s national gas grid. The company controls around 75% of oil and gas pipelines in the country.

PetroChina reached an agreement with Guangxi Investment for the equity transfer in May 2014, the same month it announced plans to sell down its interest in two cross-country pipelines that form the backbone of China’s long-distance pipeline network.

Nearly a year on, PetroChina has yet to complete the sale and is reportedly looking to sell the pipelines to subsidiaries, which would allow it to retain ultimate control.

PetroChina may have been disappointed by Guangxi’s gas market and the limits on future growth. An industry analyst told Interfax the region is relatively poor, but pays some of the highest gas prices in China. That has slowed uptake of the fuel.

The region is a market for gas imported via pipeline from Myanmar, but PetroChina has struggled to secure more clients to take those imports. Myanmar piped 2.2 mt, or around 3 billion cubic metres, to China in 2014, far below the transmission pipeline’s 12 bcm/y capacity.

PetroChina incurs a loss from selling this gas domestically and would like to see higher prices in Guangxi to narrow the loss, but that would risk collapsing demand. The company lost RMB 1.07 on average for every cubic metre of Burmese gas sold last year.

Guangxi’s gas grid is targeted to supply 2 bcm this year and 8 bcm/y by 2020, but provided just 61.8 million cubic metres in 2013 – the last year for which figures are available.

Looming competition from imported LNG may also have dissuaded PetroChina from investing more in Guangxi’s pipeline network. Sinopec is building a 3 mtpa import project in the port city of Beihai that is expected to begin operating this year.

"The terminal has an independent pipeline network that will feed regasified LNG. Supply will be very competitively priced, especially if it receives low-cost spot LNG. PetroChina may be looking to avoid a price war," said the analyst.

In the case of Guangdong, PetroChina and CNOOC appear to have concluded that their original investment is no longer attractive, as the government liberalises access to gas supply infrastructure and rolls out price reforms nationwide.

Independent users have long complained the pricing regime for oil and gas transmission costs is unfair because pipeline operators set the fees themselves. That will change under the new pricing system, which will see provincial governments set transit charges.

"Right now, it makes sense for these giants to leave the midstream market to local companies and focus on upstream gas supply instead," Guangdong Oil and Gas Association President Wu Qingbiao told Interfax.