(Yicai Global) Dec. 9 -- China has merged the pipeline and storage assets of three oil giants into a new state firm that plans to go public. 

The State-owned Assets Supervision and Administration Commission of the State Council will have a 40 percent stake in the National Petroleum and Gas Pipeline Network Group. PetroChina holds 30 percent of the equity, Sinopec has 20 percent, and China National Offshore Oil 10 percent. 

The firm will seek to issue 50 percent more equity by introducing investment from state funds, as well as private capital to expand the pipeline networks before going pubilic.

PetroChina's [HKG:0857] share price rose 2.6 percent this morning. Sinopec [HKG:0386] climbed 2.1 percent. CNOOC [HKG:0883] advanced 2 percent.

Editor: Emmi Laine