China Initiates A $457 Million Pipeline Restructuring Plan

China Oil & Gas Pipeline Network (PipeChina), the company Beijing created in December 2019 to combine the infrastructure assets of the state-owned energy majors, has signed a deal to buy a large natural gas pipeline owned by a subsidiary of Sinopec, in the first transaction of the plan to buy up energy infrastructure assets. The deal is worth US$457 million (3.2 billion Chinese yuan) and is expected to be completed by September 30, 2020, Sinopec Kantons Holdings Limited said in a filing to the Hong Kong Stock Exchange. Under the agreement,…