BEIJING, Jan. 25 (Xinhua) -- The long-awaited national oil and gas pipeline network company is expected to be formed in the first half of the year, according to the Xinhua-run Economic Information Daily on Friday.
It is reported that the National Development and Reform Commission (NDRC), China's top economic planner, has also submitted the new company's formation plan to the State Council for approval.
According to the formation plan, the large state-owned oil and gas giants including CNPC, Sinopec and CNOOC will spin off their pipeline assets into the new pipeline network company.
In addition, private capital is expected to be introduced in the new company to promote reform on the oil and gas pipeline network operation mechanism.
Data shows that at the end of 2017, the domestic oil and gas pipelines had a total length of about 133,100 kilometers, of which 65 percent are run by the CNPC and 15 percent by Sinopec.
Of the total oil and gas pipelines, CNOOC has a low percentage and the pipelines run by it are mainly in the natural gas field. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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