PetroChina to sell off natural gas pipeline assets worth up to $2.4bn

State-run PetroChina has announced plans to sell its 50% stake in subsidiary Trans-Asia Gas Pipeline Co. for as much as RMB15.5 billion (US$2.4 billion), The Wall Street Journal reported, citing a statement to the Shanghai Stock Exchange. The sale of natural gas pipeline assets to a unit of state-owned China Reform Holdings Corp. comes after PetroChina’s net profit plummeted more than 80% in the third quarter thanks to weak global oil and gas demand. The divestment may also mark the early days of long-anticipated reforms to China’s energy colossi meant to make them leaner and more profitable.