CNPC E&D is a 50:50 joint venture (JV) between PetroChina and CNODC. In 2006, PetroChina acquired 67% equity of PetroKazakstan Inc. (PKZ) through the pipeline joint venture, which greatly enhanced its competitiveness and represented a systematic development of its overseas oil and gas business.
CNPC E&D is currently cooperating with state development firms in Kazakhstan and Uzbekistan for the construction of a natural gas pipeline, so as to transmit natural gas from Turkmenistan, according to a company statement filed with the Shanghai Stock Exchange, Chinese media reported.
In line, the JV has set up a wholly-owned subsidiary, Trans-Asia Gas Pipeline Co., Ltd, for the development of this project. The pipeline, with total investment of US$7.31 billion, is expected to have annual gas transmission capacity of 30 billion cubic meters.
China National Petroleum Corporation (CNPC), the flagship of the country’s energy enterprises, is the parent of PetroChina and CNODC.