China: Fortune Oil Gets Waiver over Gas Business Sale

After it has conditionally agreed to inject its natural gas business into China Gas, for a total consideration of US$400 million, Fortune Oil today said that it has received a formal waiver from the facility agent on behalf of the over two thirds majority of lenders from the Fortune Oil group’s medium term lending syndicate.

Accordingly this condition in the sale and purchase agreement of the Proposed Transaction has now been satisfied, the company said.

China Gas is a natural gas services operator listed on the main board of The Hong Kong Stock Exchange with a market capitalisation of circa US$3.6 billion. It engages principally in the investment, operation and management of city gas pipeline infrastructure, distribution of natural gas and liquid petroleum gas (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 the PRC.

[mappress]
LNG World News Staff, January 16, 2013