We believe PetroChina will be the key beneficiary of the newopen bidding practice in Shanghai Petroleum & Gas Exchange(SHPGX).。    According to SHPGX, there will be an open bidding of natural gas with totalvolume of 4mn cbm on Sep 12. PetroChina’s Eastern Gas Sales Company will bethe vendor of the gas. The bidding will use the city gate price in each province asthe floor price and allow for price increase (up to 20%) during the bidding. Moreopen biddings are likely to be arranged in the future.。    We believe the new practice from SHPGX confirms our views, including:    PetroChina is likely to enjoy the gas premium during the winter; (Report)。    City gate price cut of Rmb0.1/cbm has already removed the tariff risk forPetroChina; (Report)。    Market-oriented gas price reform doesn’t warrant a gas price cut. It shouldbe determined by China’s natural gas cost curve and supply-demandequilibrium. As a result, it is likely to increase from the current level. (GasPrice Reform – from Semi-Regulated to Fully Market-Oriented)。

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