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PetroChina opens the curtain of natural gas asset integration, countdown to oil and gas reform
Release time:
2016-06-08
Recently, the three major heavy news of PetroChina once again pushed the oil and gas reform to the forefront.
According to the announcement of PetroChina, the first is to sell the Central Asia Pipeline Company in equivalent US dollars of 15 billion -15.5 billion yuan; the second is to transfer the remaining natural gas reserves of 6 natural gas storage depots including Hutubi in Xinjiang to the Petroleum Administration Bureau of PetroChina; The third is to integrate Kunlun Gas and Kunlun Energy.
In this regard, the industry expects that PetroChina will also carry out a series of pipeline plate restructuring and equity transfer, this small asset transfer is expected to be a small step in the whole plan. The independence of pipe network is an important step in the reform of deep water area.
At the same time, it needs to be mentioned that, according to relevant sources of the National Development and Reform Commission, the introduction of a new round of oil and gas reform plans has also begun to enter the countdown. The core of the reform is upstream liberalization and pipe network separation.
Open the curtain of natural gas pipeline asset integration
PetroChina's oil and gas reform has made another big move.
On November 25, PetroChina announced that it approved the company's subsidiary CNPC Exploration and Development Co., Ltd. (hereinafter referred to as CNPC Exploration) to carry out internal restructuring of Central Asia Natural Gas Pipeline Co., Ltd. (hereinafter referred to as Central Asia Pipeline Company), and through the sale of Tianjin Taipu Natural Gas Pipeline Co., Ltd. (hereinafter referred to as Tianjin Taipu), a wholly-owned subsidiary of PetroChina Exploration, to Mansong Holdings Co., Ltd. (hereinafter referred to as Mansong Holdings) controlled by Guoxin International Investment Co., Ltd. (hereinafter referred to as Guoxin International) after the completion of internal restructuring.
PetroChina said that the assets of this transaction are 50% of the equity of Central Asia Pipeline Company (excluding the assets of Line D of Central Asia Pipeline Company and some cash of Central Asia Pipeline Company); The transaction price is about 15 billion -15.5 billion yuan equivalent US dollars. It is approved to carry out internal restructuring, Guoxin International Investment, equity delivery and other related work in accordance with the trading plan in this proposal.
"Although this transaction only involves foreign pipeline assets, PetroChina's small asset transfer is expected to be a small step in the overall plan." Some analysts said that Guoxin International, which has been transferred to the Central Asian natural gas pipeline, may become the parent company of the national oil and gas pipeline system in the future. The transfer of assets to Guoxin International may also be one step in the reform of state-owned enterprises.
Guan Bin, an analyst at CICC, also believes that PetroChina will further transfer its rights and interests in long-distance pipelines in China in the future, so as to obtain more one-time gains. It is estimated that there is still the possibility of a transaction before the end of this year. It is expected that the company will carry out a series of pipeline plate restructuring and equity transfer in the future, and this transaction is only the first step of restructuring.
At the same time, PetroChina also issued an announcement stating that, using the asset valuation value of 3.5 billion yuan as a reference, minus the change in equity from the valuation base date to the delivery date as the consideration, the transfer of Xinjiang Hutubi to the related party China National Petroleum Corporation's Petroleum Administration Bureau The remaining natural gas reserve assets of 6 natural gas storage depots.
According to the announcement, the assets transferred to CNPC this time are mainly the remaining reserve assets of 6 gas storage depots in Xinjiang Hutubi, Southwest Xiangguo Temple, North China Suqiao, Dagang Bannan, Liaohe Shuang 6 and Changqing Shaan 224 Natural Gas Commercial Gas Storage.
For the purpose of this transaction, PetroChina stated that the company will transfer the remaining natural gas reserves to the investment entities of each gas storage at one time, which can clarify the asset relationship between the company and China National Petroleum Corporation, straighten out the settlement relationship, and recover cash flow in advance.
"In fact, PetroChina's pipeline business is currently dragging its feet." Liu Zhaohui, an analyst at Zhuo Chuang Information, said that after the divestiture, on the one hand, it can ease its financial pressure. And this is only a preliminary plan, on the other hand, it can prepare for the later pipeline stripping.
At the same time, Chen Yunying, a senior analyst at Anxunsi Natural Gas, said that during the period of low oil prices, this is a way for PetroChina to increase its own profits. From the perspective of national strategy, the independence of pipe network is an important step in the reform of deep water area.
Countdown to the introduction of a new round of oil and gas reform program
Not long ago, Lian Weiliang, deputy director of the National Development and Reform Commission, said that an oil and gas reform plan will be released this year, and a mixed ownership reform plan will be announced by the end of the year. In areas with high entry barriers such as energy (oil, natural gas, and electricity), it is necessary to provide non-state-owned capital. Introduce projects that are in line with industrial policies and are conducive to transformation and upgrading.
With the arrival of the last month of this year, the introduction of oil and gas reform plan has entered the countdown.
According to reports, the new round of oil and gas reform will relax access in the whole industry chain, the core is the upstream liberalization and pipe network separation.
In May 2014, PetroChina announced that it would transfer 100 per cent of the shares of the Eastern Pipeline Company (including the assets and liabilities of the first and second lines of the West-East Gas Pipeline), but so far, the above transaction has not had any results.
in fact, this year, cnpc has already started work on separating the oil and gas pipeline network,
Wang Dongjin, president of PetroChina, revealed at this year's interim results conference that the reform of the separation of oil and gas pipeline networks is in line with the general direction of the reform of the oil and gas system and industry, and is also one of the key contents. The reform will be implemented step by step in the light of the current actual situation of China's oil and gas pipeline network, with the goal of fully realizing the independence and marketization of the pipeline.
At the same time, Wang Yilin, chairman of PetroChina, also said that the company is preparing for the pipeline split in accordance with the relevant regulations and policies of the National Development and Reform Commission.
"Before the announcement of the oil and gas reform plan, PetroChina did not want to be too passive in this round of reform." Liu Zhaohui also said.
It is worth noting that PetroChina also issued an announcement on the integration of Kunlun Gas and Kunlun Energy. The board of directors of the company agreed that the company and Kunlun Energy Co., Ltd. (hereinafter referred to as Kunlun Energy) signed a letter of intent for integration. Both parties confirmed that Kunlun Energy can purchase the equity, assets or other methods of Kunlun Gas Co., Ltd. (hereinafter referred to as Kunlun Gas) to realize this integration (the company currently holds 58.33 of Kunlun Energy, holding 100 per cent of Kunlun Gas);
In this regard, the board of directors of the company agreed to set up a joint working group with Kunlun Energy to study and formulate the specific operation plan of this integration, coordinate the business of Kunlun Energy and Kunlun Gas, and other matters that will help promote the completion of the integration.
Chen Yunying said that after the reduction of natural gas prices, PetroChina is also under great pressure. The previous business was scattered in these two companies and integrated together, which is conducive to downstream centralized development. Previous natural gas price reforms focused on supply breaks, and this year's reform is focused on the demand side. The integration of Kunlun Energy and Kunlun Gas has the effect of production capacity 1 1>2.
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