China LNG, Huaqiang Natural Gas form JV

China LNG Group said it signed a deal with Huaqiang Natural Gas Development Group to form a joint venture to develop LNG refueling facilities in China.

The joint venture will be principally engaged in the development of oil-to-gas conversion and LNG refueling facilities on floating barges, LNG-related technologies, and the development of new energy sources, China LNG said in a statement.

The two companies intend to develop and operate LNG refueling facilities on floating barges in the Yangtze River Delta.

The registered capital of the JV will be Rmb100 million, which will be contributed as to Rmb60 million by China LNG, and Rmb40 million by Huaqiang Natural Gas, representing 60% and 40% of the total registered capital of the JV respectively.

1 Chinese yuan = 0.161154 U.S. dollars

Image: China LNG Group