PetroChina to sell stake in China United Coalbed Methane

China National Petroleum Corporation (CNPC), PetroChinas parent, is set to sell its 50% stake in China United Coalbed Methane Co., Ltd. (CUCM), which is the only licensed coalbed methane developer that could cooperate with foreign investors. Established in May 1996, CUCM started as a joint venture by the former Ministry of Coal, Ministry of Geology and Mineral Resources and PetroChina Group. After several government agency restructurings, the company is now 50% owned by PetroChina and 50% by China National Coal Group, without either party having a controlling share in the company.CUCM is reportedly considering a stock listing after the equity structure adjustment. (July 14, 2008)