China Petroleum & Chemical Corp, also known as Sinopec, has agreed to divest 50 percent of its stake in the Sichuan-East China gas pipeline project.
Sinopec, the world's biggest refiner, sold half of the shares of the project to another two State-owned enterprises.
China Life Insurance will pay 20 billion yuan for a stake of around 44 percent in the pipeline, while the State Development and Investment Corp will get the remaining 6 percent for 2.8 billion yuan.
The registered capital of the pipeline company will increase from 100 million to 200 million yuan.
The move comes nearly four months after the company announced plans to divest half of its share of the pipeline project.
The move was also driven by the government's reform to enhance efficiency and boost infrastructure investment in cleaner fuels.
For more on this, we are joined live with CRI business analyst Cao Can.
