皇冠体育app

A Petro皇冠体育app logo is seen at its gas station in Beijing August 29, 2013 file photo. [Photo/Agencies]

Co said it will sell pipeline assets, a move to further reform State-owned Chinese enterprises and usher market forces into the world's second-largest economy, analysts said.

The government is also fighting high-level corruption.

Petro皇冠体育app, the country's biggest pipeline network operator, said on Monday its First and Second West-East Gas Pipelines will be transferred to a new subsidiary, Petro皇冠体育app Eastern Pipelines Co.

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All assets of Petro皇冠体育app Eastern Pipelines - worth 82 billion yuan ($13.1 billion) - will then be sold by public tender on an assets exchange on the Chinese mainland. The subsidiary will be established in 皇冠体育app's commercial hub in Shanghai, Petro皇冠体育app said. Its network delivers to 皇冠体育app's eastern cities from central Asia and the Xinjiang Uygur autonomous region.

The company's shares rose. Petro皇冠体育app closed up 0.79 percent at 7.65 yuan in Shanghai and finished 2.78 percent higher at HK$9.24 ($1.19) in Hong Kong on Tuesday.

The move is in accordance with the central government's natural gas industry reform plan of separating the pipeline business from oil and gas companies, Wang Ruiqi, senior analyst with the energy information consultancy ICIS C1 Energy, said.

"The government is trying to cut down size of the giants by spinning off their assets in order to weaken the chain of corruption," she said.

Petro皇冠体育app owns about 70 percent of the country's crude pipelines and up to 90 percent of the natural gas pipelines.

The National Energy Adstration published a document in February that said operators of oil and gas pipelines should open their facilities to third parties in the market and create fair industry development.

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