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Herbert Smith Freehills advises Sinopec on disposal of pipeline assets to PipeChina / 史密夫斐尔为中国石化向国家管网集团出售油气管网资产提供法律服务

12 October 2020 | China
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Leading global law firm Herbert Smith Freehills has advised Sinopec (00386. HK) on disposal of pipeline assets to China's new oil and gas pipeline company PipeChina.

On 30 September, PipeChina held a signing ceremony to take over pipeline assets operated by the nation’s three state oil and gas companies PetroChina, Sinopec and CNOOC, effective 1 October.

As part of PipeChina reorganisation, Sinopec and its subsidiaries dispose RMB122.655 billion assets for the subscription of RMB70 billion of RMB500 billion registered capital of PipeChina and in exchange for RMB52.655 billion cash consideration. Sinopec Corp. (00386. HK), Sinopec Natural Gas, Sinopec Marketing and Sinopec Kantons (00934. HK) are sellers. Sinopec and its subsidiaries hold an aggregate 14% shareholding interest in PipeChina upon its reorganisation.

"We are gratified to see our long-term client continue to march forward and delighted to have advised them on another milestone transaction,” said Tom Chau, Herbert Smith Freehills' Head of Beijing. “I would like to extend my gratitude to Sinopec for their recognition and giving us the opportunity to support.”

“Our hands-on experience and legal expertise in advising SOEs on equity capital market matter enable us to navigate clients through multiple challenges in complex transactions,” said Tom.

Partner Tom led the team advising Sinopec on Hong Kong law aspect in this transaction, assisted by senior associate Shell Chen and paralegal Shaw Gong in Beijing.

全球领先的律师事务所史密夫斐尔为中国石化 (00386.HK) 向国家管网集团出售油气管网资产提供法律服务。

9月30日,国家管网集团举行油气管网资产交割签字仪式,将从10月1日起全面接管原分属于中国石油、中国石化、中国海油三大石油公司的相关油气管道资产。

重组后的国家管网集团注册资本将为人民币5,000亿元。作为重组的一部分,中国石化及其附属公司向国家管网出售价值为人民币1,226.55亿元的资产,以认购国家管网集团人民币700亿元注册资本及支付的人民币526.55亿元的现金对价。中国石化出售的管网资产涉及中国石油化工股份有限公司 (00386.HK)、中国石化天然气有限责任公司、中国石化销售股份有限公司及经贸冠德发展有限公司 (00934.HK)。重组完成后,中国石化及其子公司合计占国家管网集团注册资本的14%。

史密夫斐尔北京办事处管理合伙人兼首席代表邹兆麟表示:“我们很高兴看到我们的长期客户不断向前迈进,并且十分荣幸能为他们就又一笔重大交易提供法律服务。十分感谢中石化同仁对我们团队的支持和关爱。”

邹兆麟表示:“史密夫斐尔在为国有企业就股权资本市场提供法律服务方面积累了丰富的实践经验和法律专业知识,令我们可以助力客户一路披荆斩棘,在复杂的交易中克服挑战。”

合伙人邹兆麟率领律师团队在此次交易中就香港法方面为中国石化提供法律服务,主要团队成员包括北京办公室陈小小 (Senior Associate) 和巩韩潇 (Paralegal)。

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