Founded on December 9, 2019, National Petroleum and Natural Gas Pipe Network Group Co., Ltd. is a state-holding corporation with diversified sources of investment. It is to integrate pipe assets of CNPC, Sinopec and CNOOC to separate their pipeline transport and sales business.
China has accomplished a lot in recent years in reforming natural gas industry. However, there were many problems, like low marketization degree, inadequate infrastructures, difficulties in pipe network interconnection and relatively high costs of pipeline transport. A big step in reform, the new company is to deeply influence the nation’s oil and gas industries.