PetroChina has entered into a 9.7 billion yuan ($US1.4 billion) agreement with China National Petroleum Corporation to buy two major oil pipelines in northwestern China.
The Xinjiang - Lanzhou pipeline project comprises a crude oil pipeline and refined oil pipeline with designed transmission capacities of 20 MMt/a and 10 MMt/a respectively, each stretching 1,858 km from Urumqi in the autonomous region of Xinjiang to Lanzhou in the Gansu province.
A PetroChina spokesperson told local news sources that the deal would “strengthen the company’s capabilities in pipeline transmission, enabling the company to achieve optimal distribution and operational efficiency of the pipeline resources."
The dual pipeline project was originally built at a cost of 14.6 billion yuan ($US1.8 billion) and construction was completed in October 2005.
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