Gas pipeline firms diversify ownership

Latest moves could be prelude to private capital entering the industry

China Petroleum & Chemical Corp, usually known as Sinopec, has sold half of the shares of its gas pipeline business to another two State-owned enterprises. This is seen as a move to diversify the share ownership of the oil and gas industry, that has been strictly controlled by State-owned enterprises.

According to the statement by Sinopec on Monday, China Life, the largest State-owned insurance company in China by revenue, will pay 20 billion yuan ($2.9 billion) for a 43.86 percent stake in the pipeline.