Hong Kong-listed Kunlun Energy Co., a subsidiary of PetroChina announced yesterday that it has agreed to purchase a 55% stake in PetroChina LNG Jiangsu Co from its parent for RMB 500.2 million. The company said in a statement filed with the Hong Kong Stock Exchange that it will settle the deal in cash from its internal resources.
Chairman Li Hualin said that the transaction will give the firm direct access to natural gas supply infrastructure, which will help expand city gas, vehicle-fuel gas and other related businesses.
PetroChina LNG Jiangsu, set up in June 2009, is licensed to develop, build and operate a liquefied natural gas terminal in Jiangsu Province in East China. Jiangsu Province, Guoxin Asset Management and Pacific Ocean Oil & Gas also have stakes in PetroChina LNG Jiangsu.