Kunlun Energy buys Jingtang LNG equity from PetroChina

Kunlun Energy buys Jingtang LNG equity from PetroChina
Illustration purposes only (Image courtesy of CNPC)

Kunlun Energy has agreed to acquire 51 percent equity interest in Jingtang LNG from its parent company, PetroChina, for 1.5 billion Chinese yuan ($231.9 million). 

Jingtang LNG, set up by PetroChina in 2012, is engaged in LNG terminal operation, storage and regasification services as well as providing port facilities for vessels.

Kunlun Energy has made the acquisition through Kunlun Gas, a company in which it acquired 100 percent equity interest from PetroChina at the end of 2015.

With the acquisition, Kunlun Energy will operate and manage all three LNG receiving terminals owned by PetroChina, the company said in a statement on Thursday.

PetroChina, a unit of the state-owned China National Petroleum Corporation (CNPC), owns three LNG import facilities, the Dalian LNG terminal located in the Liaoning province, the Rudong LNG terminal in the Jiangsu province and the Tangshan LNG terminal in the Hebei province.