The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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Baoshan Iron and Steel Co will buy a 12.8% stake in a natural gas pipeline in China for CNY 8 billion.
The Shanghai based steelmaker, the listed unit of Baosteel Group Corp, will take the stake in the 5,220 kilometer pipeline project, which will run west to east from the northwestern Xinjiang Uighur Autonomous Region to the southeastern province of Fujian.
Another Baosteel subsidiary, Huabao Investment Co, will invest CNY 2 billion for a 3.2% stake in the project.
China National Petroleum Corp. controls the project with a 52% stake.
The pipeline that Baoshan is investing in has capacity of 30 billion cubic meters of natural gas a year.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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