Fortune Oil Buys Stake in China Gas

Fortune Oil plc said that it has acquired 94,040,000 shares, representing 2.15%, in China Gas Holdings Ltd (CGH).

The total cost of the purchase was £24.2 million which was financed from the Company’s existing cash reserves.

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, December 29, 2011: Image: China Gas