Chinese state-controlled oil firm PetroChina is trying to sell a third of its third West-East Pipeline (WEP 3) to state-run and private-sector investors as it looks to narrow its losses from its gas distribution sector. The sale will result in PetroChina’s first major joint-venture gas pipeline project. The firm has started negotiations to sell an 8pc stake, worth about 10bn yuan ($1.6bn), to state-owned steelmaker Baosteel, with an initial deal signed in May last year. It is considering selling another 22pc to other companies, potentially including China’s fourth-largest oil producer, Shaanxi province-owned Yanchang Petroleum.
展开▼
