PetroChina Proposes 40-Billion-Yuan Purchase of CNPC Gas Storage Assets

PetroChina has proposed acquiring three natural-gas storage facilities from its controlling shareholder, China National Petroleum Corporation (CNPC), for 40.02 billion yuan ($5.59 billion). The assets would add about 10.97 billion cubic metres of working-gas capacity, strengthening PetroChina’s mid-stream infrastructure as Beijing encourages greater use of natural gas to curb emissions. The company said the purchase would help safeguard stable operations across its gas value chain and support long-term growth in a market it expects to expand rapidly. Earlier on Tuesday, PetroChina reported a 5.4% decline in first-half net profit, though earnings from its gas segment rose to 18.6 billion yuan, underscoring the importance of the business line.