Sinopec, CNOOC to develop S. China's natural gas market
19 July 2007
China Petrochemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC), the country's two largest oil companies, signed an agreement on Wednesday with south China's Guangdong provincial government to jointly establish a natural gas supply and transmission company in the province, Xinhua reported (in Chinese). Under the agreement, the Guangdong Natural Gas Pipeline Company will be jointly set up by Sinopec, CNOOC and a local company in Guangdong. The Guangdong provincial government will take charge of the planning of the natural gas pipeline network. According to analysts, the joint venture will integrate the two national giants' advantages in natural gas network and markets as well the rich natural gas resources from both offshore China and overseas.