China has set up a long-awaited national oil and gas pipeline company in an effort to boost competition for the infrastructure that has mainly been controlled by three state oil groups, state news agency Xinhua reported on Monday.

“The new company will separate (oil and gas) transportation, production and sales, and open (transportation) to third-party entities, which will benefit market competition,” Xinhua said, citing an unidentified official at the new entity.

It is expected to manage…