CNPC buys more shares of Kunlun Energy
China National Petroleum Corp, the country's largest integrated oil and gas enterprise, last week raised its holdings in Hong Kong-listed Kunlun Energy Co to 57.11%, sources reported. According to the report, CNPC on Jul. 15 bought 9 million shares of Kunlun Energy for HK$88.76 million, or HK$9.86 apiece.
Later last month, Kunlun Energy announced that it acquired Sichuan Shizhong Oil & Gas Transmission Technology Co Ltd, an oil and gas transmission technology firm, for 6.68 million yuan and that it would further inject 173 million yuan into the firm.
Sichuan Shizhong is principally engaged in development and applications of electronic, vacuum and natural gas technologies. Kunlun Energy early said that it will step out effort to expand the liquefied natural gas distribution business.