Fortune Oil Purchases More Shares in China Gas

Fortune Oil announced that the Company has purchased, on behalf of its Joint Venture with Mr. LIU Minghui, 25,796,000 additional shares in China Gas Holdings Ltd (CGH), taking the overall Joint Venture holding in CGH to 351,124,000 shares, representing 8.01 per cent of CGH’s issued share capital.

These shares have been acquired pursuant to the obligations under the Joint Venture agreement, as part of the Company’s original contribution to the joint venture of HK$700m.

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, January 20, 2012