Chinese Oil Giants Sell $56 Billion Worth Of Pipelines

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…