PetroChina will merge its wholesale natural gas sales unit with retail provider Kunlun Energy to shore up profits though the move worries independent gas sellers that fear the combination will create a monopoly, said Reuters on November 15.
PetroChina announced the restructuring internally last week to merge PetroChina Natural Gas Sales Company, the country's largest natural gas wholesaler, with Kunlun Energy Co Ltd , said three sources with direct knowledge of the matter.
The three sources declined to be named as they are not authorized to speak to the media. A spokesman with China National Petroleum Corp, parent of PetroChina, said he could not immediately confirm the restructuring.
Hong Kong-listed Kunlun operates PetroChina's liquefied natural gas (LNG) receiving terminals and distributes gas to households and factories.
Source:sxcoal
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