AIRLINK 62.12 Decreased By ▼ -0.36 (-0.58%)
BOP 5.34 Decreased By ▼ -0.02 (-0.37%)
CNERGY 4.49 Decreased By ▼ -0.09 (-1.97%)
DFML 15.40 Decreased By ▼ -0.10 (-0.65%)
DGKC 66.01 Decreased By ▼ -0.39 (-0.59%)
FCCL 17.42 Decreased By ▼ -0.17 (-0.97%)
FFBL 27.62 Decreased By ▼ -0.08 (-0.29%)
FFL 9.22 Decreased By ▼ -0.05 (-0.54%)
GGL 10.08 Increased By ▲ 0.02 (0.2%)
HBL 105.62 Decreased By ▼ -0.08 (-0.08%)
HUBC 122.00 Decreased By ▼ -0.30 (-0.25%)
HUMNL 6.55 Decreased By ▼ -0.05 (-0.76%)
KEL 4.50 No Change ▼ 0.00 (0%)
KOSM 4.40 Decreased By ▼ -0.08 (-1.79%)
MLCF 35.80 Decreased By ▼ -0.40 (-1.1%)
OGDC 123.06 Increased By ▲ 0.14 (0.11%)
PAEL 22.94 Decreased By ▼ -0.06 (-0.26%)
PIAA 30.66 Increased By ▲ 1.32 (4.5%)
PIBTL 5.85 Increased By ▲ 0.05 (0.86%)
PPL 107.80 Increased By ▲ 0.30 (0.28%)
PRL 27.25 No Change ▼ 0.00 (0%)
PTC 17.48 Decreased By ▼ -0.59 (-3.27%)
SEARL 53.15 Increased By ▲ 0.15 (0.28%)
SNGP 62.85 Decreased By ▼ -0.36 (-0.57%)
SSGC 10.67 Decreased By ▼ -0.13 (-1.2%)
TELE 9.15 Decreased By ▼ -0.05 (-0.54%)
TPLP 11.54 Increased By ▲ 0.10 (0.87%)
TRG 70.70 Decreased By ▼ -0.16 (-0.23%)
UNITY 23.75 Increased By ▲ 0.13 (0.55%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,947 Increased By 3.6 (0.05%)
BR30 22,784 Decreased By -42.8 (-0.19%)
KSE100 67,126 Decreased By -16.4 (-0.02%)
KSE30 22,087 Decreased By -3.2 (-0.01%)

BEIJING: Top Chinese energy firms have mandated investment banks Morgan Stanley and Goldman Sachs to act as advisers for multi-billion dollar deals transferring oil and gas pipeline assets into a national energy infrastructure giant, four sources said.

Overseen by a government vice premier, underlining the project's importance for Beijing, Beijing aims to complete the asset transfers and start operation of the new entity - valued by industry analysts at more than $40 billion - by the end of September, oil industry officials said.

"The timetable is a moving target but the goal was to complete the (asset) merger by end of July," one person with direct knowledge of the matter told Reuters.

China announced in late 2019 that it would establish a National Oil and Gas Pipeline Company by combining pipelines, storage facilities and natural gas receiving terminals operated by China National Petroleum Corp (CNPC), China Petrochemical Corp (Sinopec Group) and China National Offshore Oil Company (CNOOC). The new entity - also known as PipeChina - was conceived by Beijing to provide oil and gas producers neutral access to energy infrastructure, and in so doing boost non-state investment in exploration of oil and gas.

Morgan Stanley has been selected to advise Sinopec, according to two sources with direct knowledge of the matter. Goldman Sachs was selected for CNPC, two separate sources said. It was not immediately clear if CNOOC had appointed an international adviser.

For the new pipeline group itself, China International Capital Corporation, or CICC, has been appointed as adviser, three separate sources said.

All of the people interviewed by Reuters requested anonymity because the matter was not public.

Sinopec declined to comment. PetroChina and CNOOC did not immediately comment.

On the banks side, Morgan Stanley declined to comment, as did Goldman and CICC.

According to some industry insiders, the transfer of some of the assets, such as the Shaanxi-Beijing gas trunk line project and natural gas receiving terminals that involve joint venture partners and minority stakeholders, may take longer to complete.

Comments

Comments are closed.