China to Create $78 Billion Natural Gas Super Pipeline

SEATTLE (Oil Monster): In an effort to combat pollution, China is doubling down on natural gas. The country plans to overhaul its massive gas pipeline network allowing third-party access to the miles and miles of state-owned pipeline. All in hopes it will increase residential and industrial gas use, curtailing and eventually eliminating coal from its energy grid.

The ambitious plan would merge three state-owned  oil and gas pipeline assets—China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC)—into one national pipeline network, unifying transport and investment decisions.

The plan, which has been slowly progressing since 2014, is estimated to be worth US$78 billion and will bring together the 70,000 kilometers of pipeline into one entity. The national pipeline company may be called China Pipelines Corp, according to a Bloomberg source.

 Courtesy: www.investingnews.com