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According to a report from Sinochem News, on December 4, China National Petroleum Corporation (hereinafter referred to as CNPC) issued a statement stating that its wholly-owned subsidiary, Taihu Petrochemical Investment Co., Ltd., had completed the registration procedures for establishing three joint venture companies in collaboration with partners such as Pipeline Network Group Energy Storage Technology Co., Ltd. On the same day, it signed a formal share acquisition contract with the seller, China National Petroleum and Natural Gas Group Corporation, to acquire 100% of the shares in these three specialized gas storage companies for a total amount of 40.016 billion yuan. The announcement states that the entities being acquired are Xinjiang Oilfield Gas Storage Co., Ltd., Chongqing Xiangguosi Gas Storage Co., Ltd., and Liaohe Oilfield (Panjin) Gas Storage Co., Ltd.; the respective acquisition prices are 17.066 billion yuan, 9.995 billion yuan, and 12.955 billion yuan respectively. According to the announcements and public information, the three target companies are geographically located in China’s three key natural gas regions: the northwest, southwest, and northeast, thus creating a complementary structure for ensuring supply stability. The gas storage facilities in the Xinjiang oil field are built utilizing existing mature gas reservoirs, and they serve as important hubs for regulating natural gas supply in the northwest region. The Xiangguosi gas storage facility in Chongqing functions as a key storage asset in the southwest region, responsible for ensuring a stable supply of gas in that area. The gas storage facilities in the Liaohe oil field primarily serve the northeast region as well as the Beijing-Tianjin-Hebei area, playing a role in seasonal supply regulation and emergency reserve purposes. CNPC stated that this transaction will help ensure the smooth operation and high-quality development of its natural gas industry chain. Gas storage facilities are an important link and connecting element in the production, transportation, storage, and sales of natural gas; they serve as tools and mechanisms for regulating natural gas sales in order to balance supply and demand and ensure steady production from gas fields. By acquiring 100% of the shares in these three gas storage companies, an additional 10.97 billion cubic meters of storage capacity will be available. This will help to establish a gas storage capacity that matches the company’s natural gas sales volume, enabling regulatory functions and thus maximizing the overall efficiency of the natural gas industry chain.