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News Breaks
May 13, 2014
07:55 EDTPTRPetroChina to separate wholly owned pipeline subsidiary
PetroChina intends to establish a wholly owned subsidiary, PetroChina Eastern Pipelines, by making capital contribution with relevant assets and liabilities of the First and the Second West-East Gas Pipeline managed by the West-East Gas Pipeline Branch, together with the relevant assets and liabilities of the Second West-East Gas Pipeline. Based on an audit of the assets for Capital Contribution conducted by KPMG Huazhen with December 31, 2013 as the reference date, the total assets amount to RMB81,672.76M, the total liabilities amount to RMB52,672.12M and the net assets amount to RMB29,000.64M. China Enterprise Appraisals conducted an evaluation of the assets using the replacement cost method and the appraised total assets amount to RMB91,626.73M, the appraised total liabilities amount to RMB52,672.12M and the appraised net assets amount to RMB38,954.61M, subject to the final appraisal value as filed with China National Petroleum Corporation. After the incorporation of Eastern Pipelines, the company proposes to transfer its 100% interest in Eastern Pipelines through a public tender at an equity exchange. The company will retain an intermediary to conduct an evaluation of the Target Equity and will use the evaluation results filed with CNPC as a basis for determining the transfer price of the Target Equity. Upon completion of the transfer, the company shall cease to hold any interest in Eastern Pipelines.
News For PTR From The Last 14 Days
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October 23, 2014
06:44 EDTPTRChina to raise energy resource tax, Xinhua reports
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October 15, 2014
09:36 EDTPTRPetroChina downgraded to Neutral from Buy at UBS

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