Fortune Oil Buys More Shares in China Gas Holdings

Fortune Oil said yesterday that, following its announcement that it had entered into a joint venture with Mr. LIU Minghui, the Company has purchased, on behalf of the joint venture, 31,288,000 additional shares in China Gas Holdings Ltd, taking the overall joint venture holding in CGH to 7.4 per cent.

These shares have been acquired pursuant to the obligations under the joint venture agreement, as part of the Company’s original contribution to the joint venture of HK$700m.

CGH is the largest independent natural gas company in China in term of city network, serving more than 150 cities. It engages principally in the investment, operation and management of city gas pipeline infrastructure, the distribution of natural gas and LPG to residential, commercial and industrial users, construction and operation of oil stations and gas stations, and development and application of natural gas and LPG related technologies in China.

[mappress]

LNG World News Staff, January 17, 2012; Image: China Gas