CNPC prepares gas distribution unit
8 August 2008
PetroChina parent China National Petroleum Corp (CNPC) is moving toward setting up a unit to move into the piped gas business, the South China Morning Post reported. The new company, Kunlun Gas, has nearly finished the incorporation process, and is said to include PetroChina's gas trunk pipeline assets and the city gas distribution assets of China Huayou Group, also owned by CNPC. Until now PetroChina has been a supplier to privately controlled gas distributors like Hong Kong and China Gas, Xinao Gas and China Gas Holdings, which will soon face competition from the country's largest natural gas producer.