BEIJING - China National Petroleum Corporation (CNPC) on Thursday announced that its board of directors has approved the integration of three pipeline subsidiaries.

The three subsidiaries will form a new platform for CNPC's pipeline management including operation, investment and financing, according to the corporation's statement.

The CNPC will take 72.3 percent of the platform's shareholding.

The corporation has been accelerating its asset restructuring. On Nov 25, it announced the sale of half of a subsidiary that operates pipelines across central Asia to another State-owned firm, China Reform Holdings.