OREANDA-NEWS. September 07, 2012. Baosteel Co., Ltd made a resolution on the second meeting of the fifth session of the Board  that  Baosteel will take stakes in China National Petroleum Corporation West-East third pipeline project , amounted to no more than 10 billion yuan, reported the press-centre of Baosteel. 

West-East third pipeline project as a national key projects, approved by the State Council, is a major national energy backbone pipe network project. The pipeline route starts from Horgos Port in Xinjiang in the west, to Fuzhou, Fujian Province in the east, a total length of over 5000 km, passing through 10 provinces, autonomous regions with designed annual gas transmission capacity of 30 billion cubic meters. When the West-East third pipeline project completes, it can relieve the pressure of the gas demand of the domestic provinces and cities.

According to preliminary estimates, the total investment of this project is foreseen about 116 billion yuan. PetroChina intends to work with all parties for theWest-East third pipeline project to set up a joint venture company with registered capital of 62.5 billion yuan.