PetroChina is selling a 51% stake in Jingtang Co to Kunlun Gas for RMB1,546,954,800 ($233m). Jingtang Co. was jointly established by PetroChina, Beijing Enterprises Group Company Limited and Hebei Natural Gas Company Ltd. in September 2012.
The company’s operations include liquefied natural gas terminal, storage and re- gasification services; providing port facilities for vessels; providing cargo uploading and unloading, warehousing and loading services within the port area.
In statement the Board of Kunlun Gas said it believes that the acquisition would be in the best interests of the company because: through the acquisition, all of the three LNG receiving terminals of PetroChina will be under the operation and management of the company, which is in line with its business positioning and development strategies; it increases the geographic coverage of the natural gas business of the company and it further achieves resource integration and helps rationalise its business management.
In addition, the acquisition will generate synergies among different businesses of the company, enhance its cost control, improve its efficiency and profitability, facilitate the improvement of its internal business structure and create new business growth of the Company.
For more information visit www.kunlun.com.hk
1st Oct 2017