China on Monday set up a new centrally-administered state-owned enterprise (SOE), the China Oil & Gas Piping Network Corporation.

The company will partly be responsible for the investment, construction and interconnection of main oil and gas pipelines to form a nationwide network, allowing to transport crude oil, refined oil and natural gas through the network, it said.

Aiming to forge an oil and gas market with effective transport through a unified pipeline network, the establishment of the central SOE is an important step forward in promoting the reform of China's oil and gas system.

By interconnecting the country's oil and gas pipelines, the company will help raise the allocation efficiency of oil and gas resources and ensure safe and stable energy supply.