CNOOC signs transfer agreement

China National Offshore Oil Corp (CNOOC) has signed a pipeline assets transferring agreement with PipeChina.

According to Reuters, China’s CNOOC has signed the agreement with newly launched PipeChina for transferring management rights for oil and gas infrastructure projects.

The company announced the agreement in a statement on Wednesday; however, the statement did not provide details on what specific projects had been handed over.

In December 2019, China launched its long-awaited national oil and gas pipeline company to run pipeline infrastructure that had been controlled by China National Petroleum Corp (CNPC), Sinopec and CNOOC.

Reuters said PetroChina – a listed arm of CNPC – had also claimed it was trying for a deal with PipeChina on the transfer of pipeline assets, yet no agreement had been reached as of late March.

For more information visit the CNOOC website.

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