BEIJING (dpa-AFX) - PetroChina Co. plans to sell pipeline stakes for as much as 15.5 billion yuan or $2.4 billion as the company seeks to meet year-end profit targets.
Beijing-based PetroChina's board approved a plan to sell a 50 percent stake in Trans-Asia Gas Pipeline Co. to a unit of state-owned China Reform Holdings Corp., according to a statement to the Shanghai stock exchange on Wednesday.
PetroChina and its parent company, China National Petroleum Corp., reportedly are seeking to complete asset sales before the end of the year to help meet government-set annual profit goals. The government is also looking to spin off oil and gas pipelines from its energy companies into independent businesses as part of a President Xi Jinping's sweeping overhaul of the country's state-owned industries.
The company appointed Zhao Dong as chief financial officer to replace Yu Yibo, who has resigned, and transferred 3.5 billion yuan of assets to units owned by CNPC.
PetroChina's board also approved a merger plan of subsidiaries Kunlun Energy Co. and PetroChina Kunlun Gas Co.
Copyright RTT News/dpa-AFX