China National Petroleum Corp buys controlling stake in Chinese gas company

30 July 2007

Beijing, China, 30 July – China National Petroleum Corp (CNPC) has announced that its piped gas unit has acquired a majority shareholding in Zhuhai Gas in China’s Guangdong province.

CNPC said in a statement the acquisition will allow work on a gas distribution network to be speeded up and become operational by November.

CNPC, China’s largest gas and oil producer, did not disclose financial details of the operation. But Hong Kong’s South China Morning Post newspaper said the purchase of an 85 percent stake in Zhuhai Piped Gas cost CNPC 57.5 million yuan.

Zhuhai Piped Gas distributes and imports liquefied petroleum gas and operates 12 LPG gasification stations. Its annual gas sales were around 250,000 tons last year.

Zhuhai, with a population of 1.2 million, is one of China’s special economic zones and borders with Beijing’s enclave city of Macau. (macauhub)