Hong Kong and New York-listed PetroChina has put its 60% stake in Beijing Natural Gas Pipeline Co. up for sale for Yuan 18.87 billion ($2.83 billion), according to a notice published on the China Beijing Equity Exchange Monday.
PetroChina is looking to sell its stake to a Chinese state-owned enterprise involved in oil and gas exploration and development, and the buyer must provide assurance that it has an adequate source of gas supply, according to the notice.
Beijing Natural Gas Pipeline was set up in 1991 to manage the gas pipeline network and supply into Beijing, transporting natural gas from Shaanxi province in northwest China. The remaining 40% of the company is held by Beijing Gas Group.
PetroChina is looking to sell its stake to a Chinese state-owned enterprise involved in oil and gas exploration and development, and the buyer must provide assurance that it has an adequate source of gas supply, according to the notice.
Beijing Natural Gas Pipeline was set up in 1991 to manage the gas pipeline network and supply into Beijing, transporting natural gas from Shaanxi province in northwest China. The remaining 40% of the company is held by Beijing Gas Group.
