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CNPC to transfer stakes in nine gas companies

(Gaschina.com.cn)
Updated: 2009-05-22 17:11

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China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, is set to sell its stakes in nine gas subsidiaries.

China Petroleum Pipeline Bureau and China Huayou (Group) Corporation announced today that 100% of its stakes or partial stakes in nine gas companies will be put up for sale on the China Beijing Equity Exchange, with the staring price at 1.086 billion yuan.

Insiders disclose that all equity assets to be auctioned are owned by CNPC. The related nine companies are all engaged in urban piped gas business while some focus on pipeline operation, transportation, and sales. Six of them were profitable in 2008, with combined net profits of 65 million yuan, while the remaining three were in the red, with a total loss of over 86 million yuan...

 

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