BEIJING, Aug. 7 -- China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, has set basic principles for opening up its pipelines to other companies.

The group's natural gas and pipeline subsidiaries will be in charge of opening the group's pipeline network to other companies when there is surplus capacity, according to a report carried Thursday by China Securities Journal, citing an unnamed source from CNPC.

Pipeline capacity will be contracted to other companies on a "first come, first served" basis, and the types of oil to be carried will be decided by both signing parties, the report said.

The company will report details about its pipeline network and related contracts to the National Energy Administration, which will then release the information to the public.

The move will not only raise the efficiency of pipeline use but also benefit companies eager to capitalize on the CNPC's pipeline network.

The CNPC first unveiled trial measures for opening up its pipelines in June 2014.