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East China Province Seeks Investment for Gas Pipeline Project
East China's Jiangsu Province plans to raise capital totaling 20 billion yuan (2.43 billion U.S. dollars) for a 300 km section of the 4,200 km west-east natural gas pipeline under construction.
The province has approved the establishment of Jiangsu Provincial Natural Gas Investment Company as the fund-raiser for the project.
Local officials say the company is expected to raise the 20 billion yuan needed for the 300 km Jiangsu section from multinationals, economically powerful listed companies and private capital.
The pipeline starts from oil and gas-rich Tarim Basin in the Xinjiang Uygur Autonomous Region in northwest China and ends in Shanghai in east China via a number of regions, including Jiangsu.
Construction of the project, which is expected to transmit at about 12 to 20 billion cubic meters of natural gas annually to the Yangtze River Delta regions from 2003, has begun earlier this year.
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