If the pipeline is independent ...

The further ferment of the PetroChina corruption Nest case will be an opportunity for the reform of PetroChina. According to sources close to the NDRC, the NDRC has repeatedly convened representatives of oil companies to discuss the possibility of recovering PetroChina's pipeline business in the last one months to further rationalize the price of gas pipelines. "This discussion is not the same as it used to be the national management of PetroChina's entire gas pipeline business." One possible solution would be to set up a separate national gas pipeline company to manage it. said the person. Financial profit and demand savings rate 1000% a longtime oil expert at the NDRC's adviser told the Economic Observer that it had discussed the independence of the pipeline several times before, but the timing was wrong.　　It may be a better time to have a case of the PetroChina corruption den.　　In addition to pipeline independence, PetroChina also faces another type of "split", that is, the study of CNOOC, Sinopec, the still unlisted quality assets through a professional reorganization of the separate listing.　　Sasac insiders said that because of Sinopec's achievements in the professional restructuring, SASAC in some cases also suggested that PetroChina to learn from Sinopec to undertake similar professional restructuring, PetroChina's top executives also expressed serious consideration.　　Our correspondent learned that in the first half of this year, PetroChina and the NDRC have organized meetings to discuss the professionalization of the reorganization of things, but because the PetroChina leadership did not reach a consensus and thus did not see action.　　A senior personage close to PetroChina Group said that because of the outbreak of such a large-scale corruption case, PetroChina internal reform is increasingly strong, the pipeline independence may be a breakthrough in the reform.　　The source of the pipeline's independence or proximity to the NDRC said that the independence of the pipeline from oil was not only a matter of breaking the monopoly but also about the big picture of gas price reform. In March this year, China completed the reform of the pricing mechanism of refined oil products, and the pricing mechanism of new products has been highly praised because of its higher degree of integration with the market.　　But the price change, another big price reform, has been delayed.　　The source said that the natural gas pricing scheme has long been determined, but the reasons for the delay in addition to cover a wide range, there is the price relationship between up and down travel difficult to straighten out. At present, China's urban natural gas prices include ex-factory price, pipe price, urban pipe network price three parts. Ex-factory price plus pipe price to form a gate station.　　According to the weighted average method, including the amount of gas source, new gas source, imported gas source, such as the price of different sources, pipe transport costs, and so on by the relevant means of the weighted average, and then the national Development and Reform Commission to establish a door station sales guide prices. But because the pipeline is partly controlled by PetroChina, which has almost monopolized China's onshore natural gas production, and the gas imports from Western Asia and Russia are also borne by PetroChina, two of the three parts of China's urban natural gas are controlled by CNPC. "The ultimate goal of natural gas price reform is to be in line with international standards, but the core of the price change is not to be around PetroChina." If you separate the pipes, the price willwill be easier.　　"The source said. In fact, there has been a call for the pipeline plate to be independent from oil.　　The development and Reform Commission consultant experts said that every time involved in the introduction of oil laws and regulations, the NDRC will convene a panel of experts to discuss, as long as the price of natural gas involved in straightening out, pipeline independence will become the focus of discussion.　　Another industry expert involved in "Thirteen-Five planning" said that the development and Reform Commission in the process of drafting the "Thirteen-Five plan" has repeatedly raised the issue of pipeline independence, the basic view is that the pipeline should be independent operation. But every discussion of the panel was a No. "One important reason is that PetroChina has been looking for a variety of reasons to procrastinate." For example, PetroChina said the pipeline business stakes are complex, involving people's and foreign capital components, which is difficult to deal with. "The main body of the oil pipeline business is mainly in the group, with the central oil and gas pipeline bureau as the main." Data show that the PetroChina gas Pipeline Bureau was established in 1973, is the China Petroleum Group's pipeline engineering specialized company.　　Since 2000, the China Petroleum Pipeline Bureau has been leading and building large long-distance pipelines over 60,000 kilometers at home and abroad, building 20 million cubic meters of national and enterprise reserves. China Petroleum Pipeline Bureau led the construction of the project, including the west-east gas transmission line, second line, three lines project, Sino-Burmese oil and gas pipelines, astringent Sebei line natural gas pipeline, Shaanxi-Beijing, three-lane project, such as pipeline projects.　　PetroChina operates about 70% of the country's crude oil pipelines and about 90% of its natural gas pipelines.　　The development and Reform Commission consultant experts said, compared to other parts of PetroChina, pipeline business in terms of importance, or operability, are the most easy to achieve, but also a breakthrough in the reform of oil.　　A financial official told the economic Observer that the pipeline plate's assets are relatively good and that it is better to split up because of its relatively independent operation. In the early days of pipeline independence, the experts said, there was a relatively conservative "transition", with the exception of a more radical approach to its independence. "This program does not involve the change of property rights, the pipeline plate business is also retained in PetroChina, but the need to establish a sound fair access mechanism, like a train, as long as the ticket, anyone can get on the bus."　　"The expert said. But the reality is that PetroChina has not only monopolized the early construction of the pipeline, but also the late operation of the pipeline has been controlled.　　Gas from other oil companies would have to pay a high price to PetroChina if they want to use the pipelines. A retired PetroChina official involved in the construction of the west-East gas pipeline admits that there are more serious duplication of natural gas pipelines.　　The reason for this is that in the pipeline construction, there is no competition mechanism, PetroChina is a single big. As China's upstream exploration and exploitation of natural gas is mainly concentrated in PetroChina, Sinopec two companies, the pipeline has long been the main focus of controversy between them.　　CNOOC's natural gas business is mainly concentrated in offshore mining and LNG (LNG) operations, and does not involve land-based natural gas extraction, so the opposition is not very determined. Sinopec Exploration and Development Research InstituteSinopec is most keen to break the monopoly of China's oil pipelines, one expert said. An example is that when the development of Sichuan Puguang gas field and Sichuan gas pipeline project, a part of the pipeline and PetroChina's west-East gas transmission line (that is, PetroChina Wuzhong lines) coincide.　　Sinopec can take advantage of this overlap pipeline, but eventually the two did not talk about, Sinopec can only repeat construction. In fact, with the rapid development of coal chemical industry in recent years, the drawbacks of pipeline monopoly have also begun to be magnified.　　Datang Group is located in Inner Mongolia coal gas project, originally hoped to be able to use the oil pipeline, but was bondage by PetroChina. Datang International Institute of Chemical Technology insiders told the Economic Observer, because the pipeline can not solve the problem, Datang finally had to plan to spend tens of billions of dollars to build pipelines. "The project is not progressing, and the coal gas project needs pipelines as a supporting facility so that it can be approved and built from the pipeline."　　"The person said. In addition to Datang's coal gas project, Shenhua is located in Ordos (market, interrogation) a total investment of up to 20 billion yuan, annual output of 2 billion cubic meters of coal gas project has been shelved for two years.　　One important reason is that the west-East gas pipeline is controlled by PetroChina.　　At the level of the authorities, the current opposition to the monopoly of oil pipelines is not only a central enterprise of Sinopec, such as Shenhua, Datang and other development of coal chemical projects in the central enterprises have entered the team. The source said that in the NDRC's discussions, a possible solution for the pipeline business to be independent of the oil itself was to set up a separate national gas pipeline company to operate as an independent legal entity. "In fact, for reference to the grid system ' factory network separate ' reform, the implementation of the national unified trunk line, but in order to avoid repeating the grid monopoly, gas pipeline company is only trading platform and not participate in the purchase and sale, only to collect the cost of transportation."　　said the source. Specialization reorganization at present, the competent department level has not formed the mature pipeline independent plan, still stays in the discussion stage.　　In addition to the pipeline independence, the NDRC has organized several groups of experts to discuss another type of "spin-off" of PetroChina from the beginning of this year.　　At the beginning of this year, the NDRC organized several industry experts to discuss the issue of restructuring PetroChina's unlisted quality assets and then splitting them up, according to experts involved in the NDRC's discussions.　　The discussion of the "spin-off" in fact, is to imitate Cnooc, Sinopec, the unlisted quality service assets, after a professional reorganization, and finally split independent listing. In the domestic, the oil service assets split into the market to do the best when the CNOOC. At present, CNOOC's subsidiary in addition to China Offshore Oil Co., Ltd. (0883. HK) as the main oil and gas production platform, there are CNOOC (market, interrogation) (2883. hk;601808. SH), Sea oil Project (market, interrogation) and CSCL chemistry (3983.　　HK) three platforms. CNOOC has become China's offshore market, the largest integrated oil field Service provider, the business is divided into geophysical prospecting services, drillingServices, oil field technical services and ship services four categories. April 8, 2011, when CNOOC chairman of the Chengyu Airborne Sinopec as chairman.　　Sinopec also accelerated the internal oil Field Service assets of the spin-off listing, and from January 2012 in the "2011 Annual Meeting" on the group's "unlisted similar assets of the professional reorganization" of the strategic objectives. In May this year, Sinopec successfully listed its subsidiary Sinopec Refinery Engineering (Group) Co., Ltd. as the largest IPO in Hong Kong.　　In the first half of this year, the company achieved a profit of 2.214 billion yuan.　　Next, in addition to refining engineering, Sinopec also will be the oil engineering and technical services, lubricants, catalysts and other service-oriented assets of the listing.　　Sasac insiders said that CNOOC, Sinopec professional restructuring of the successful experience within the SASAC received high praise, but also encouraged other central enterprises to follow, which also gave the pressure of PetroChina. Separating oil companies from service companies is a common practice around the world, say experts.　　In fact, within PetroChina, there was also a discussion of the excessive listing, but it was eventually not achieved because of a divergence of views at the senior level.　　Experts from Sinopec's Exploration and Development Institute recalled that in 1998 China's massive restructuring of the oil system was intended to solve the problem of separation between oil companies and service companies, but when a split was made, the Oil-field Service company's people objected strongly, causing the split to end. "Things are different now. Now these services companies not only make money, even more than the main companies earn more. Service companies are not limited to the internal company services, but also to the world.　　said the expert.　　In the NDRC's panel discussion, the Eastern geophysical and Great Wall drilling of two PetroChina's subsidiaries was presented as an example. Oriental Geophysical Exploration is a world-renowned geophysical company, its strength far beyond Sinopec's geophysical exploration company.　　At present, the company's business scope is not limited within the company, but in the global business, profitability is very good, and the strength of the Great Wall drilling ranks among the world's top level. As of press, the relevant head of PetroChina did not comment.　　Zeng, director of the Department of Oriental Geophysical Exploration, September 17, said in an interview with the Economic Observer, because the Eastern geophysical exploration is affiliated to the group, so the news is not clear about whether the company will be split. In fact, in the PetroChina group, in addition to oil and gas fields enterprises, refining enterprises, sales enterprises, there are a large number of supporting service companies.　　These companies can be divided into four categories: engineering and technical services, production services, in addition to the main business of oil production services related services, processing and manufacturing business. Taking Daqing oilfield as an example, the total unlisted assets of the oilfield exceeds 45 billion yuan.　　One of the engineering and technical services accounted for 47%, production services accounted for 37%, machinery manufacturing accounted for 5%, social services accounted for 6%, chemical manufacturing accounted for 4%. PetroChina Group's website shows that the company's members of a column of "professional firms", exploration companies have "exploration and production branch" and "PetroChinaNatural gas exploration and development company, while the engineering company has "Engineering technology branch" and "Engineering construction branch".　　Boqiang, an energy expert, thinks the break-up of PetroChina in Split seems unlikely, since it also involves overseas energy security issues, but it is highly possible to split the internal asset market.　　Problems and worries while the industry generally thinks it is a good time to "split" PetroChina, it also believes that the "spin-off" of CNPC faces many hurdles. The company's financial director said PetroChina's internal pipeline plate formerly had only one pipeline bureau, but now more chaotic, adding a lot of pipeline companies.　　Li Hualin is located in the Kunlun energy also belongs to the natural gas and pipeline transportation plate. In the "member enterprise" of the PetroChina website, natural gas and pipeline Branch company is listed in the ranks of professional firms, while in the "Gas and pipeline storage and transportation enterprises", there are pipeline companies, pipeline construction project manager, west-East gas pipeline company, Beijing Natural Gas Pipeline Co., Ltd., Western Pipeline company, Southwest Pipeline Branch preparatory, etc.　　, and the longest-standing pipeline bureau, is included in the "Construction enterprise" category.　　According to the above financial person statistics, the PetroChina pipeline plate has at least 14 subsidiaries, not including the major oil and gas fields also have pipeline assets. A retired veteran of PetroChina said in an interview with the economic Observer that if the pipeline assets were separated from the oil, it could break the original supply and downstream integration model of PetroChina.　　The result of the gradual break-up of PetroChina will also affect PetroChina's position in the world's top 500.　　In the case of PetroChina insiders, the pipeline business plate is relatively independent, relatively simple, other business sectors are more complex, involving a broader, more difficult to integrate.　　In an article published in the middle of 2011 in the "Daqing Social sciences", called "Daqing oilfield unlisted enterprise business structure Adjustment research", said, daqing oil field each non main business scale is huge, the planned economy "all-inclusive, rollout" the development pattern causes the internal competition, the resource disperses, also must undertake the massive enterprise to run the social function.　　In fact, not only in daqing oil field, but also in PetroChina Group.　　Economic observer statistics found that in the member enterprises of CNPC, divided into 11 types of enterprises, are professional firms, oil and gas fields enterprises, refining enterprises, sales enterprises, gas and pipeline storage and transportation enterprises, overseas business enterprises, engineering and technical Services enterprises, engineering construction enterprises, equipment manufacturers, scientific research and institutions, and other units. In these classifications, the business of different types of enterprises has a large number of overlapping and duplication.　　For example, there are as many as 9 subsidiaries with the word "engineering", while drilling companies, in addition to the Great Wall drilling, include Western drilling, Bohai Drilling and Chuan Qing drilling. However, the biggest obstacle to the "break-up" of PetroChina is the chain of interests hidden within its subsidiaries. "One of the purposes of spin-off is to reduce corruption, but the biggest hurdle is here."　　Said the NDRC's consultant expert. In the economic observationIn the survey, employees in the PetroChina system had different attitudes towards the break-up. They prefer stability. PetroChina daqing oil field, a general manager of the Economic Observer said that Daqing had the unlisted related industries repurchase, the remaining industries stripped out of the idea, but later did not implement. He thinks the pressure is mainly from the stability of the team. "The pace of reform is too big, unstable, small, not effective, management efficiency and management level can not improve, there is a dilemma."　　said the general manager.　　Those close to the top of the group said to the economic observer that the break-up is not good, private is not possible, because oil involves national energy security, so or can only first from the strengthening of internal governance, procedural, limited change. But in the eyes of PetroChina insiders, PetroChina already has a very good, very sound system. PetroChina has already implemented the board system and is regulated by the U.S. Saban Act, one of the most regulated modern corporate systems in China, according to the Economic Observer. PetroChina's senior executives ' corruption case is a personal issue, not an oil issue, and their contribution to PetroChina is well affirmed. In the case of the corruption, the people said: "Before the truth is announced, they are not afraid of the existence of regulatory loopholes and systematic risk to conclude." ”