Beijing Gas Blue Sky completes Caofeidian LNG terminal stake purchase

Beijing Gas Blue Sky Holdings Limited completed the cquisition of 29 percent equity interest of an LNG terminal in Caofeidian.

According to the acquisition agreement, the group agreed to acquire all of the issued share capital of a Beijing Gas HK unit, which indirectly owns 29 percent equity interest in PetroChina Jingtang.

The consideration for the acquisition is 1 billion Chinese yuan renminbi ($158 million), Beijing Gas Blue Sky said in a statement.

The PetroChina Jingtang is principally engaged in the provision of port facilities for vessels, provision of cargo handling services, warehousing and loading services within the port area, and receiving, storage and regasification of liquefied natural gas (LNG).

The liquefied natural gas receiving terminal of PetroChina Jingtang, located in Caofeidian Industrial Zone, Tangshan City, Hebei Province, is an important natural gas supply facility in North China.

This receiving terminal consists of port project, receiving terminal project, with a planned handling capacity of 10 million tons per year and out-terminal pipelines.

Imported liquefied natural gas is gasified by the receiving terminal and transmitted to the Yong Tang Qin pipeline, and then to Shaanxi-Beijing second line pipe network in the west and Northeast pipe network in the east.

The receiving terminal is an important supporting facility for the natural gas pipe network in Beijing, Tianjin and North China.

In addition, PetroChina Jingtang also supplies liquefied natural gas to its surrounding areas such as Tangshan, Chengde, Tianjin and Qinhuangdao via various distributors.