National pipeline network receives main oil and gas pipeline assets at the end of September

category:Finance
 National pipeline network receives main oil and gas pipeline assets at the end of September


After the completion of the transaction, the equity structure of the state pipeline network group has become clearer: the registered capital is proposed to be 500 billion yuan. From the perspective of shareholder contribution ratio, PetroChina will be its largest shareholder, contributing 1495.5 billion yuan, with a shareholding ratio of 29.9%. The total investment proportion of Sinopec plus Sinopec natural gas company is 14%, while that of CNOOC Gas Power Group Co., Ltd. is 2.9%. Among the 11 board members of the state pipeline network group, PetroChina will hold two seats and Sinopec will have one.

Specific to the transaction content, Chinas oil pipeline network asset base transaction consideration is about 268.7 billion yuan, with a value-added rate of 20.56%. The state pipeline network company paid 149.5 billion yuan with equity. PetroChina obtained 29.9% of the equity of the state pipeline network company. The remaining 119.2 billion yuan of consideration was paid in cash.

The composition of assets sold by Sinopec is more complex, and the asset appreciation rate is generally higher than that of PetroChina. Among them, the equity of Sinopecs natural gas pipeline and crude oil pipeline related companies will be transferred at a price of 47.113 billion yuan to obtain the corresponding registered capital issued by the state pipeline network group, and the asset appreciation rate of this part is 76.27%; the equity of natural gas pipeline related companies affiliated to Sinopec natural gas company, a wholly-owned subsidiary of Sinopec, will be transferred at a price of 41.509 billion yuan to obtain the state-owned management Net group issued 22.887 billion yuan of registered capital and 18.621 billion yuan of cash. Meanwhile, Sinopec holding subsidiary sales company plans to transfer its oil product pipeline assets to national pipeline network group at a price of 30.813 billion yuan. The appreciation rates of these two parts of assets were 21.4% and 32.48% respectively.

Earlier, on July 21, Sinopec Guande, a holding subsidiary of Sinopec, transferred 100% of its equity of Sinopec Yuji company to the state pipe network group at a price of 3.22 billion yuan, with an asset appreciation rate of 42.84%.

After the completion of the above transaction, Sinopec will receive 52.655 billion yuan of cash consideration. For the assets with a value-added rate of more than 50%, Sinopec believes that the most important reason is that Sinopec pipeline storage and Transportation Co., Ltd. has a high value-added value. Because of its early establishment and low historical cost, the evaluation conclusion adopts the income method. The evaluation results include the value of all intangible and tangible assets that can create income for the enterprise.

Regarding the difference between the asset transfer and the previous restructuring, a senior observer of the oil and gas industry told the Economic Observer: all the state-owned shares are allocated free of charge, and those without other private shareholders are not listed. Those who sell assets at market price or premium involve other shareholders, or those listed (Sinopec Guande) need other shares Dong has an account.

Different from Sinopecs sale of major pipeline assets together, PetroChinas transaction scope with national pipeline network group does not include pipeline assets of Kunlun Energy Co., Ltd. PetroChina said in the above announcement that Kunlun energy is negotiating with the state pipeline network group on pipeline asset transactions, and the two sides have not reached a final agreement.

Sinopec Guande, also a Hong Kong listed company, has completed the corresponding asset transfer work. In this regard, according to the analysis of the economic observer, the two situations are not comparable: first, the pipeline mileage is different, Sinopec Guande Yuji line is more than 900 km, and PetroChina Kunlun Shaanxi Beijing pipeline is 5387 km, which also leads to the difference in the annual transmission capacity of the two. Kunlun energy belongs to Beijing natural gas pipeline companys Shaanxi Beijing pipeline 1 / 2 / 3 / 4 line system, with a design pipeline transportation capacity of 80 billion cubic meters / year In terms of the number of employees, there are thousands of employees in Beijing natural gas pipeline company and several hundred people in Yuji line. In addition, if half of the shares of Shaanxi Beijing line belong to Beijing municipal government, they need to obtain their consent before transferring their shares. However, there are no other shareholders in Sinopec Yuji line. The Yulin Jinan line is only a department level unit. Beijing natural gas pipeline company, which is in charge of the Shaanxi Beijing line, is a bureau level unit. Therefore, Sinopec has taken the initiative, while Kunlun energy is still under negotiation.

In the past half a year, in the process of independent operation of the national pipeline network group, the reconstruction of the headquarters building precedes the transfer of assets.

Chengke building will be the headquarters building of national pipe network group, and its main part is composed of three buildings a, B and C. according to the plan, two buildings a and B will be completed on June 30, 2020, and all departments of the government will successively settle in July; the second time point is that block C will be completed before September 30, and the production and operation headquarters will be stationed in October. Zhenshitong (002771. SZ) recently won the bid for the multimedia operation support system bidding project of Beijing oil and gas control center relocation of Chengke building and system construction project with 69.98 million yuan. According to zhenshitong announcement, the construction of the project is to provide signal access, data sharing and auxiliary decision support for the dispatching operation and production and operation of the oil and gas control center of national pipeline network group. A large amount of production data and video information are analyzed, modeled, integrated and displayed. Through collaborative analysis and display, the project can realize the all-weather and all-round monitoring of the business, and comprehensively show the operation situation Support, etc. According to the economic observer, some staff have already settled in the Chengke building on Thursday, but the system engineering construction work that won the bid not long ago has not been carried out. Source: Economic Observer, editor in charge: Yang Zeyu_ NF6036

Chengke building will be the headquarters building of national pipe network group, and its main part is composed of three buildings a, B and C. according to the plan, two buildings a and B will be completed on June 30, 2020, and all departments of the government will successively settle in July; the second time point is that block C will be completed before September 30, and the production and operation headquarters will be stationed in October.

Zhenshitong (002771. SZ) recently won the bid for the multimedia operation support system bidding project of Beijing oil and gas control center relocation of Chengke building and system construction project with 69.98 million yuan. According to zhenshitong announcement, the construction of the project is to provide signal access, data sharing and auxiliary decision support for the dispatching operation and production and operation of the oil and gas control center of national pipeline network group. A large amount of production data and video information are analyzed, modeled, integrated and displayed. Through collaborative analysis and display, the project can realize the all-weather and all-round monitoring of the business, and comprehensively show the operation situation Support, etc.

According to the economic observer, some staff have already settled in the Chengke building on Thursday, but the system engineering construction work that won the bid not long ago has not been carried out.