PetroChina to sell stake in Trans-Asia gas pipeline

Energy sector revamp gathers momentum as China Reform Holdings agrees to $2.4b deal

PetroChina Co Ltd, the country's biggest oil and gas producer, is selling a half stake in its subsidiary Trans-Asia Gas Pipeline for 15.5 billion yuan ($2.4 billion) to strengthen its balance sheet amid weak oil and gas prices.

The divestment, already approved by its board, is also expected to speed up the government's reform of the energy sector, as it looks to spin off State-owned oil and gas pipelines into independent businesses.