GasGreater China
China Ocean Shipbuilding acquires gas asset
Hong Kong: China Ocean Shipbuilding is to acquire a 47% equity interest in Jiangxi Petrochina Kunlun Gas (Jiangxi Gas).
China Ocean LNG, an indirect wholly-owned affiliated company of China Ocean Shipbuilding, is to purchase 23% equity of Jiangxi Gas from Sanya Chengda Investment and 24% equity from Nancheong Fubon Pipeline Gas at a consideration of RMB18.78m and RMB 19.59m respectively.
China Ocean Shipbuilding expects to diversify its business scope through the purchase and enter into natural gas related business in the Yangtze river, a hotbed of LNG development in China.
The company is also looking for potential development in the energy logistics business.