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8 months ago
Sinopec sells 50 pct stake in gas pipeline to China Life Insurance, SDIC unit
December 12, 2016 / 11:58 AM / 8 months ago

Sinopec sells 50 pct stake in gas pipeline to China Life Insurance, SDIC unit

BEIJING, Dec 12 (Reuters) - China's Sinopec said on Monday it had sold a 50-percent stake in its key Sichuan-East China gas pipeline to China Life Insurance and SDIC's transportation unit for 22.8 billion yuan ($3.3 billion).

The sale comes just months after the country's second-largest oil and gas group announced plans to divest half of its share of the pipeline, in a move spurred by Beijing's reform push to boost efficiency and increase infrastructure investment in cleaner fuel.

In a statement on Monday, Sinopec said China Life Insurance would hold a 43.86-percent stake in the gas pipeline and SDIC's unit would have a 6.14-percent share.

Sinopec has said previously the proceeds would be used to expand the 2,200-kilometre (1,370 miles) pipeline and build gas storage facilities.

$1 = 6.9125 Chinese yuan renminbi Reporting by Meng Meng and Aizhu Chen; Writing by Josephine Mason; Editing by Mark Potter

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