State-owned China Petroleum & Chemical Corp. (Sinopec) on Tuesday said it plans to raise fresh capital by selling half of a major natural-gas pipeline, as the central government seeks greater outside investment in the sector’s infrastructure. Sinopec said that after the sale, it would continue to hold a 50% stake in the unit that operates the Sichuan-to-East China gas pipeline that connects production in central China with demand in eastern industrial centers, according to The Wall Street Journal. Sinopec, whose board signed off on the capital-injection plan on Tuesday, didn’t say how much it expected to raise from the sale or when it would be completed. Industry analysts previously have said such a sale might appeal to investment funds seeking steady returns offered by a pipeline business.
Categories