PetroChina advances major gas storage acquisitions

PetroChina's wholly-owned subsidiary, Taihu Investment, is proceeding with a 16.042 billion yuan cash investment to establish three joint ventures. These joint ventures will acquire 100% equity in Xinjiang Oilfield Gas Storage Company, Xiangguosi Gas Storage Company, and Liaohe Oilfield Gas Storage Company from China National Petroleum Corporation (CNPC) subsidiaries for a total of 40.016 billion yuan (excluding taxes and fees). The acquisitions are primarily funded by cash contributions from the new joint ventures' shareholders, with remaining funds to be secured via loans.

The new gas storage companies have been established, with varying ownership structures. Notably, the Xinjiang and Xiangguosi entities are 51% owned by Taihu Investment and 49% by China Oil & Gas Pipeline Network Corporation (PipeChina) Energy Storage Technology Co., Ltd. The Liaohe entity includes additional shareholders. The acquisition agreements for all three companies were officially signed on December 4, 2025.

These transactions are expected to boost PetroChina's operational stability, adding 10.97 billion cubic meters of working gas capacity. This will enhance the company's peak-shaving capabilities and integrate the acquired entities into its consolidated financial statements. The valuations for Xinjiang Oilfield, Xiangguosi, and Liaohe were 17.066 billion yuan, 9.995 billion yuan, and 12.955 billion yuan, respectively, based on December 31, 2024, assessment dates.