China Ocean Shipbuilding acquires gas asset

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.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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