Core Viewpoint - China National Petroleum Corporation (CNPC) has approved the acquisition of three gas storage companies, which will enhance its natural gas supply chain and operational efficiency [1][2]. Group 1: Acquisition Details - The acquisition involves the purchase of 100% equity in Xinjiang Gas Storage, Xiangguosi Gas Storage, and Liaohe Gas Storage [1]. - The total consideration for the acquisition is RMB 400.16 billion (excluding taxes), funded primarily through cash contributions from newly established joint ventures [1]. - The acquisition contracts were signed on December 4, 2025, and the acquired companies will become indirect non-wholly owned subsidiaries of CNPC [1][2]. Group 2: Ownership Structure - Post-acquisition, Xinjiang Gas Storage will be wholly owned by CNPC Xinjiang Gas Storage, with Taihu Investment holding 51% and Pipeline Storage holding 49% [2]. - Xiangguosi Gas Storage will also be wholly owned by CNPC Xiangguosi Gas Storage, with the same ownership structure as Xinjiang [2]. - Liaohe Gas Storage will be wholly owned by CNPC Liaohe Gas Storage, with Taihu Investment holding 50.49%, Pipeline Storage holding 48.51%, and Panjin State-owned Capital Investment and Operation Group holding 1% [2]. Group 3: Strategic Importance - The acquisition is expected to enhance the stability and quality of CNPC's natural gas supply chain [2]. - Gas storage facilities play a crucial role in the natural gas production and sales process, acting as a tool for peak shaving and production balancing [2]. - The transaction will add 10.97 billion cubic meters of working gas capacity, improving CNPC's gas storage and peak-shaving capabilities, thereby maximizing overall efficiency in the natural gas supply chain [2].

Core Viewpoint - China Petroleum & Chemical Corporation (00857.HK) announced the board's resolution to acquire the entire equity of three gas storage companies, which will become indirect non-wholly owned subsidiaries of the company after the acquisition is completed [1][2]. Group 1: Acquisition Details - The acquisition involves the gas storage facilities in Xinjiang, Xiangguosi, and Liaohe, with a total consideration of RMB 400.16 billion (excluding taxes) [1]. - The funding for the acquisition will primarily come from cash contributions by the shareholders of the newly established joint venture companies, with the remaining portion planned to be financed through loans [1]. - The acquisition contracts were signed on December 4, 2025, between the acquiring party and the transferring parties [1]. Group 2: Ownership Structure Post-Acquisition - After the acquisition, the Xinjiang gas storage facility will be wholly owned by the newly established China Petroleum Xinjiang Gas Storage Company, with Taohu Investment holding 51% and Pipeline Storage holding 49% [2]. - The Xiangguosi gas storage facility will also be wholly owned by the newly established China Petroleum Xiangguosi Gas Storage Company, with the same ownership structure as Xinjiang [2]. - The Liaohe gas storage facility will be wholly owned by the newly established China Petroleum Liaohe Gas Storage Company, with Taohu Investment holding 50.49%, Pipeline Storage holding 48.51%, and Panjin State-owned Capital Investment and Operation Group holding 1% [2].