October 5, 2017 [Nikkei Asian Review] - Kunlun Energy, a natural gas distributor listed in Hong Kong, said Thursday a unit agreed to buy the 51% stake held by its controlling shareholder PetroChina in PetroChina Jingtang LNG for about 1.5 billion yuan ($232.3 million) in cash.
The acquisition would be in Kunlun Energy’s best interest as the transaction would bring PetroChina’s three liquefied natural gas receiving terminals under the company’s operations and management, and helps Kunlun achieve resource integration, it said in a statement to the Hong Kong stock exchange.
Jingtang was jointly established by PetroChina, Beijing Enterprises Group and Hebei Natural Gas in September 2012. It operates LNG terminals and provides storage and gasification services. Its net profit increased 26% to 166 million yuan in 2016.
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