寶鋼等機構擬參與中石油管道業務重組

Chinese state-owned oil company China National Petroleum Corp has concluded a complicated asset shuffle that allows state-owned steel mill Baosteel, two Chinese insurers and a number of funds to acquire stakes in three mammoth pipelines carrying gas across China.

中國石油天然氣集團公司(CNPC)完成了一項複雜的資產重組，讓國有的寶鋼(Baosteel)、兩家國內保險公司以及一些基金入股橫跨中國的三條巨大輸氣管道。

CNPC has long resisted plans by bureaucrats in Beijing to force it to open the pipeline network. But a sharp drop in oil prices has hit revenues at both the state-owned CNPC and its Hong Kong-listed unit PetroChina.

中國石油天然氣集團公司長期抵制北京方面迫使它開放管網的計劃。但是，油價大幅下跌打擊了這家國有石油集團及其香港上市子公司中石油(PetroChina)的營業收入。

Income at both entities has dropped “dramatically” this year, PetroChina president Wang Dongjin said in a statement on CNPC’s website this month.

中石油總裁汪東進本月在集團公司網站上的一份聲明中表示，兩個實體今年的利潤都顯著下降。

The sale is the next in a series of steps through which CNPC and PetroChina are consolidating a sprawling pipelines business.

此次出售是中國石油天然氣集團公司和中石油整合龐大管道業務的一系列步驟之一。

Beijing has indicated it could ultimately form a separate pipeline monopoly to encourage the development of China’s domestic natural gas industry which has so far been limited by CNPC’s stranglehold over the majority of the country’s pipeline network.

北京方面已經表示，它可能最終成立一家單獨的管道企業，以促進國內天然氣產業的發展。迄今該行業受到中石油掌控全國大部分管網的制約。

The total value of the pipelines is Rmb281.4bn ($43bn), PetroChina said.

中石油表示，這些管道的總價值達到2814億元人民幣（合430億美元）。

The sale is an extension of a 2013 transaction in which PetroChina hived off an Rmb20bn stake in some of the pipelines to Baosteel and the other institutional investors to help raise money to complete the massive projects. At the time, that sale was hailed as part of a reform to allow non-energy companies into China’s tightly controlled state-owned energy sector.

此次出售是2013年一筆交易的延伸，在那筆交易中，中石油把價值200億元人民幣的管道股權出售給寶鋼和其他機構投資者，以幫助籌集資金完成大型項目。當時，那筆出售被譽爲改革的一部分，目的是讓非能源企業進入中國嚴格控制的國有能源行業。

Last month, PetroChina sold a portion of its Trans-Asia Gas Pipeline business to state-owned asset holding company China Reform Holdings, for Rmb15bn-Rmb15.5bn.

上月，中石油將其在中亞天然氣管道有限公司(Trans-Asia Gas Pipeline)所持的一部分股份以150億至155億元人民幣出售給國有的資產控股公司——中國國新控股(China Reform Holdings)。

In a statement to the Hong Kong stock exchange on Thursday, PetroChina said it would consolidate three pipeline companies into PetroChina Pipelines, in which it would own 72.26 per cent. The other shareholders in the pipeline companies, dating from the 2013 investment, would take shares in the combined entity.

在週四向香港交易所提交的申報文件中，中石油表示，將把三家管道公司整合併入中油管道(PetroChina Pipelines)，其將持有72.26%股份。三家管道公司的其他股東（源自2013年投資）將在合併後實體持有股份。

After the deal, domestic fund management company Guolian will hold 5.33 per cent of the combined pipeline network. The National Social Security Fund and Taikang Life would each hold over 4 per cent while Baosteel and New China Life would each hold about 3.5 per cent. Five Chinese investment funds would hold the remainder.

在這筆交易完成後，國內基金管理公司國聯(Guolian)將持有合併後管網5.33%股份。全國社保基金(NSSF)和泰康人壽(Taikang Life)將分別持有逾4%股份，而寶鋼和新華人壽保險(New China Life)將分別持有約3.5%股份。五隻中國投資基金將持有其餘股份。

Beijing has presented such asset reshuffles as part of economic reforms but has proven very reluctant to throw open the strategically important oil and gas industry to private investment.

北京方面把此類資產整合說成經濟改革的一部分，但一向表現得非常不情願放開具有重要戰略意義的石油和天然氣行業，讓民營部門參與。