Chinese state-owned oil and gas majors have sold pipeline networks worth a total $56 billion as part of a government plan to restructure the nation’s energy industry by setting up a separate pipeline operator. Bloomberg reports that the assets were sold above book value, quenching investor concerns that the government could try to shortchange the energy giants. PetroChina, the report said, got 1.2 times the book value of its pipeline assets, and Sinopec got 1.4 times the book value of its assets. The assets are being bought by the new state-owned entity, dubbed China Oil & Gas Network, or PipeChina, which was set up last December. The latest deal under this restructuring drive was only announced yesterday, for a natural gas pipeline that was the property of Sinopec. The state giant sold it to PipeChina for $457 million. The purpose of PipeChina was to combine all midstream assets of […]