China's State-Owned Oil Giant Gifts Baosteel USD689 Million of Equity
Yicai Global
/SOURCE : Yicai
China's State-Owned Oil Giant Gifts Baosteel USD689 Million of Equity

(Yicai Global) Aug. 12 -- China National Petroleum Corporation, controlling shareholder of China's biggest oil and gas producer PetroChina Company Ltd. [SHA:601857], has transferred 0.34 percent of PetroChina's equity to Baosteel Group, China's second-largest steel-maker, for free.

The gift, worth CNY4.58 billion (USD689.33 million), makes Baosteel the fourth largest shareholder in PetroChina. The transfer reduces CNPC's holdings in the company to 86.01 percent.

The transfer was approved by the State-owned Assets Supervision and Administration Commission of the State Council.

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