China LNG Group acquires stake in LNG storage company

China LNG Group informed it has recently agreed to invest RMB 45.9 million (approx. 6.9 million) in a company engaged in the development of LNG storage and transportation projects in China. 

Upon completion, China LNG will hold 51 percent share in the target company whose name has not been revealed in the filing to the stock exchange.

The remaining stake will be held by two also unnamed companies, 44 percent by one and 5 percent by the other.

Under the agreement, the target company will invest in the construction of LNG storage and distribution centers for sale and distribution of LNG to industrial, commercial and residential customers and LNG refueling stations, Chine LNG said.