On Dec 9th 2019, National Petroleum & Natural Gas Pipeline Network Group Co Ltd was officially announced to set up in Beijing, as a critical loop section in implementation of “Several Guidelines on Deepening Petroleum/Natural Gas Structural Reform”, and a key step in the industry system reformation.
Market value of Pipeline Network Company is estimated between CNY300~500bn. The company is included in the series of State Council SASAC supervised central enterprises, SASAC, CNPC, SINOPEC and CNOOC hold 40%, 30%, 20% and 10% of the company respectively.
According to Energy of China journal, leadership of the Pipeline Network Company has been fully appointed: CNPC general director Zhang Wei will serve as chairman of the BOD, while CNPC deputy general director Hou Qijun will take the office of CEO.
