Pipeline reform means the company will no longer be liable for this spend, freeing up funds for domestic investment and overseas expansion. Uncertainty around midstream reform has also driven PetroChina's share price down. A revaluation of the pipeline assets at a higher multiple than current valuations will be positive for shareholders, particularly after a public listing, as it unlocks value from undervalued assets. In addition, as China's dominant upstream producer and gas importer, PetroChina has an interest in a gas price that better reflects its cost of supply. While it takes time for a market-based price to emerge after third-party access, this midstream reform is a step in the right direction.