CNOOC Petroleum Pipeline Transportation Co., a joint venture between CNOOC Gas and Power Limited and Hainan Development Shareholding Co., Ltd, will start regrouping the Hainan-based Hainan Fuel Chemical Co., Ltd., a move for CNOOC to expand its natu ral gas pipeline operation in the south China's Hainan province.
After the regouping, CNOOC Petroleum Pipeline Transportation will take over all businesses of Hainan Development Shareholding, with CNOOC
Gas and Power Limited holding 55 percent stake and Hainan Development Shareholding Co., Ltd. owning 45 percent in the new company.
Based on the agreement signed between the parties on Jan. 24, CNOOC Petroleum Pipeline Transportation will team up with Hainan Development Shareholding to build a natural gas pipeline along the coast of the Hainan Island.
Hainan Development Shareholding Co., Ltd., which was established in 2007, has been in charge of the sales of gas produced from the Ya13-1offshore field, the operation of 115-km Nanshan-Basuo gas pipeline, towngas pipeline grid in Dongfang city and CNG stations in Nanshan. CNOOC Group is parent of CNOOC Ltd.
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