CNPC to curb pipeline spending as economy slows
CNPC has cut back on long-distance pipeline construction. (CNPC)
China National Petroleum Corp. (CNPC), China’s largest oil and gas producer, plans to slash investment in long-distance trunk pipelines under the government’s 13th Five-Year Plan because of the slowdown in the Chinese economy, company sources told Interfax Natural Gas Daily.
CNPC’s 2016-2020 development plan, released on Tuesday, reflects the company’s shift in focus away from pipeline investment and expansion. The state oil major said it would take advantage of the capacity of existing pipelines to optimise the timing of further trunk pipeline construction while laying more smaller branch connections.