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Bloomberg
China’s pipeline network behemoth inked a $6.3 billion asset purchase in the latest step to bolster the nation’s energy security and break down market barriers. Kunlun shares surged on the news.
Kunlun Energy will sell a 60% stake in a Beijing natural gas pipeline and a 75% stake in its Dalian LNG company for 40.9 billion yuan to the new state-owned firm known as PipeChina, according to a statement to the Shanghai Stock Exchange. Kunlun Energy is a PetroChina Co subsidiary that owns the majority of a gas pipeline feeding Beijing, as well as LNG import infrastructure.