The hottest oil and gas system reform speeds up th

With the release of the top-level design scheme for the reform of state-owned enterprises, a new round of oil and gas system reform is also beginning. China Securities News learned that the separation of pipelines is the general direction in the reform of the oil and gas system. In the future, oil pipelines and gas transmission pipelines will be stripped off to establish crude oil and natural gas transmission companies, which are independent of the three major oil companies. At present, the plan has been made, and it is being studied whether to implement it step by step or step by step. Industry insiders believe that the separation of management will help break the integrated monopoly of the petroleum and petrochemical industry, enhance the competitiveness of the industry, and change the existing pattern

since this year, the pace of oil and gas system reform is further accelerating

Lian Weiliang, deputy director of the national development and Reform Commission, pointed out at the press conference held on September 16 that efforts should be made to promote the reform of state-owned enterprises and key industries, and the reform of key industries such as oil and gas is being studied and formulated

the recently released Guiding Opinions on deepening the reform of state-owned enterprises clearly put forward that for natural monopoly industries, the reform with the separation of government and enterprises, the separation of government and capital, franchising, and government supervision as the main contents should be implemented. According to the characteristics of different industries, the separation of operations and the liberalization of competitive businesses should be implemented. Generally speaking, the marketization of public resource allocation should be promoted

in May this year, the State Council approved and transmitted the 39 key tasks of annual economic system reform proposed in the "opinions on the key work of deepening economic system reform in 2015" of the national development and Reform Commission, which clearly required to study and put forward the overall plan for oil and gas system reform and relax access in all links of the whole industrial chain

Wang Dongjin, President of PetroChina, revealed at the mid-term performance conference at the end of August this year that the reform of oil and gas pipeline separation is in line with the general direction of the reform of the oil and gas industry, and is also one of the key contents. The reform will be implemented step by step in combination with the current actual situation of China's oil and gas pipelines, with the goal of fully realizing the independence and marketization of pipelines. Wang Yupu, chairman of Sinopec, previously said that the company was preparing for the pipeline split in accordance with the relevant regulations and policies of the national development and Reform Commission

previously, the research on comprehensively deepening the reform of the state-owned economy in the new era completed by the research group of the Institute of industrial economics of the Chinese Academy of Social Sciences also suggested that we should actively study the way to separate telecommunications infrastructure and long-distance oil and gas pipelines from enterprises and establish independent network enterprises. From the perspective of the whole national economy, we should plan and evaluate the opening and use of network facilities, promote the construction of competitive market structure and the establishment of fair competition system through the equal opening of network facilities, and make the state-owned economy in monopoly industries a more dynamic part of the socialist market economic system. Business restructuring should be planned as a whole and implemented step by step in early 2018 according to the characteristics of the industry

Lin Boqiang, director of the China energy economy research center of Xiamen University, said that the separation of management will help break the integrated monopoly of the petroleum and petrochemical industry and enhance the competitiveness of the industry, which will have a great impact on the existing pattern. If a national management company is established in the future, it is basically similar to the idea of power system reform. Due to the relatively easy process of restructuring, the new round of oil and gas system reform may be carried out in the first step, while mixed ownership and overall listing require a process. The direction of future reform should be further liberalized to private enterprises in the upstream and downstream of the industry

Shen Meng, executive director of Xiangsong capital, believes that the separation of management and the establishment of a national management company will be an important step to further open up the oil and gas field, where plastic has become the core material component of most electronic and electrical products, and introduce social capital to achieve hybrid reform, because for the oil and gas industry that relies on long-distance transmission and distribution, if "three barrels of oil" has both upstream business and control management, even if social capital is allowed to enter the upstream business of oil and gas, It will also make new competitors subject to management, and independent management will help small and medium-sized oil and gas enterprises to use their advantages outside the scale to carry out relatively fair competition with large-scale three barrels of oil, which is more conducive to the long-term development of China's oil and gas industry

reduce barriers and increase competition

Huatai Securities pointed out that China's long-distance oil and gas pipelines have always been in the hands of "four barrels of oil", of which more than 80% belong to PetroChina, which has also become the biggest obstacle for other enterprises to enter the field of pipeline natural gas. The vertical integration of long-distance oil and gas pipelines has a positive side, that is, it is conducive to improving the pipeline investment of "four barrels of oil", but it cuts off the connection between supply and demand of other upstream and downstream enterprises, which is not conducive to the market-oriented reform of natural gas. The incremental investment brought by the pipe separation reform will benefit the pipeline equipment manufacturers, while the midstream pipe de monopoly is expected to improve the profit margin of downstream gas operators

Founder Securities believes that according to the electricity reform and the reality of China's oil and gas reform, the focus of oil and gas system reform will be to orderly liberalize the competitive link gas price, orderly liberalize the upstream exploration and development business to social capital, orderly liberalize the access of third parties, actively liberalize the original import rights, and promote the relatively independent and standardized operation of midstream infrastructure, especially the management. The independence of management is the basis for realizing the access of management to third parties. The current reform focus is to encourage all kinds of capital to participate in investment, realize the relative independence of management, and encourage the access of third parties. The goal is to achieve the independence of management property rights and compulsory public access. It is expected that the independence of management or beyond expectation, a national management company will be established. It is expected that the three major oil companies will continue to maintain state-owned holdings, and the separation of management may make a breakthrough. If a state-owned company is established, it will be a public welfare state-owned enterprise, which can take the form of wholly state-owned enterprises, or other ways to encourage non-state-owned enterprises to participate in the operation

China Merchants Securities believes that the focus of oil and gas system reform is to increase competition in the domestic oil and gas market by reducing entry barriers. The market generally expects state-owned enterprises. 2. Input parameters of experiments and samples: oil companies will split pipeline assets, and potential pipeline structure adjustments will help to release the value of PetroChina Pipeline assets

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