Chinese majors given transparency deadline
China
BEIJING, September 7, 2016 – China’s Ministry of Land and Resources has ordered three of the country’s major energy companies to reveal data on their respective oil and gas infrastructure networks in an effort to enhance the transparency of the industry.
On Wednesday, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation and China National Petroleum Corporation were all told to share information regarding pipeline types, routes, capacity, opening dates and pricing formulas before October 31.
Announced on the website of the National Energy Administration, the move is interpreted as a sign that Beijing is mulling to open up the Chinese pipeline network. Today’s announcement follows proposed legislation by the National Development and Reform Commission in August aimed at lowering pipeline transportation costs in an effort to help bring down gas prices.
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