Liu Manping, an expert of the China oil and gas think tank alliance, believes that the national pipeline network group has taken over relevant assets and businesses, and the formal grid connected operation is the end point. It marks that with the efforts and active cooperation of all parties, the establishment of the national pipeline network group has been basically completed in the past year, and the market-oriented reform of the oil and gas pipeline network operation mechanism has been implemented from a blueprint Become a real sense of the main body of market operation.
Establishment of innovation mechanism
It is worth mentioning that the establishment of the national pipeline network adopts the mode of investment and trading, instead of the traditional method of free transfer of state-owned equity. After the capital injection, the national pipeline network has a good financial fundamentals. At the same time, there will be a huge financing demand in the future, which has the potential for mixed ownership reform.
In December 2019, the state pipeline network company was officially established in Beijing. In the following seven months, after various negotiations and negotiations, the state pipeline network finally reached an agreement on capital injection and related asset transactions with all parties. On July 23, PetroChina and Sinopec successively issued the announcement of asset sale and foreign investment; on September 28, the corresponding announcement was formally approved at the shareholders meeting held by the two companies.
Sinopec plans to invest 47.1 billion yuan to acquire a 9.42% stake in the national pipeline network. Sinopecs capital contribution is also in the form of asset injection, but the original value of Sinopecs injected assets is 26.7 billion yuan, and the assessed value is 47.1 billion yuan (with a premium of 76.3%), corresponding to Sinopecs contribution.
In addition, Sinopecs natural gas company will also invest 22.9 billion yuan to participate in the national pipeline network and obtain 4.58% equity of the national pipeline network, which is also in the form of asset injection. Sinopecs sales companies also sell products pipeline and ancillary facilities assets to the national pipeline network.
Together with the assets sold by Sinopecs Guande company, Sinopec and its subsidiaries will acquire a total of 14% equity of national pipeline network and receive 52.7 billion yuan of cash paid by national pipeline network.
At present, three barrels of oil owns 46.8% of the shares of the state pipeline network company, nearly half of them. With the investment of China Chengtong, China Guoxin, social security foundation, China Insurance Investment Fund, CIC international and silk road fund, the equity of state pipeline network group will be quite dispersed.
The establishment is of great significance
At the establishment meeting, Zhang Wei, chairman of the state pipe network group, explained the significance of the establishment of the pipeline network company.
With the support and guidance of the national development and Reform Commission, the state owned assets supervision and Administration Commission of the State Council and other national ministries and commissions, the national pipeline network group has officially put into operation on October 1. It will carry out unified allocation, operation and management of major oil and gas pipeline infrastructure in China, and will further promote the formation of x + 1 + X oil and gas market-oriented operation mechanism, so as to ensure national energy security and improve energy utilization Efficiency makes a new contribution. He said.
In the past, almost all the assets of Chinas oil and gas pipeline network belonged to the three major oil companies, and PetroChina accounted for the vast majority of them. The establishment of national pipe network group is to separate the pipeline transportation from upstream resources and downstream sales.
At the same time, after the establishment of the national pipe network group, it will realize the interconnection of the pipe network in a real sense and become a national network. After that, it is possible to allocate oil and gas resources nationwide. In the construction of pipeline transportation facilities, it is also conducive to reducing repeated investment, accelerating the construction of pipeline network, improving oil and gas transportation capacity, and ensuring the safe and stable supply of oil and gas energy.
In the market, some companies have noticed the dividend after the establishment of the national pipe network group, and started action in advance.
In July this year, BP signed a contract with Chinas urban gas companies to directly supply gasification LNG from abroad to corresponding regions. This is also the first time that an international energy company has been processed in Chinas domestic LNG terminal and directly sold natural gas resources to gas company customers.
This integrated mode of natural gas sales is also the first time in China. In the past, downstream gas companies did not have LNG terminals in their hands, so it was almost difficult to directly purchase international LNG resources. It can be predicted that if the assets of the national pipeline network company are opened fairly, some receiving terminals should be able to open the window period and supporting pipelines, and this mode should be popularized.
After the national pipeline network is officially operated, the main market entities of the oil and gas industry chain, including the national network group, will have to face and adapt to a new oil and gas market. The results will also greatly affect the current oil and gas operation mechanism in China.