China Gas forms JV with Oman Oil

Author:  2007-7-30 14:27:16

May. 24, 2007 (China Knowledge) – China Gas Holdings <384>, which runs about 55 piped-gas projects in the country, plans to form a joint venture with minority stakeholder Oman Oil in a US$40 million deal to import gas to the Mainland. The venture initially will import liquefied natural gas and liquefied petroleum gas from Oman or other Middle East countries to China, according to China Gas CFO Eric Leung. It will have a head office in Hong Kong or Singapore and be owned equally by the two firms. The venture is the latest of a number of alliances China Gas has set up with its substantial shareholders. The agreement comes after Oman Oil, an oil and energy investment vehicle of the Oman government, paid HK$24 million last week to increase its China Gas stake to 7.66% from 7.22% by buying 13.65 million shares at an average price of HK$1.76 apiece.