PetroChina Forms $6.5B Pipeline Venture With Asset Managers

Law360, New York (June 14, 2013, 2:30 PM EDT) -- State-owned energy giant PetroChina Co. Ltd. has formed a 40 billion renminbi ($6.5 billion) joint venture with two Chinese asset management companies to expand the country's oil and gas pipeline network, PetroChina said in a U.S. securities filing Friday.

PetroChina will own 50 percent of the joint venture, which also includes Taikang Asset Management Co. Ltd. and a fund managed by Guolian Securities Co. Ltd. The state-run firm will supply its western China pipeline assets, worth roughly 20 billion renminbi, as capital. 

The joint venture will...
To view the full article, register now.