US-based UGI Corporation eyes BP’s China LPG business

14 February 2012 06:00  [Source: ICIS news]

SINGAPORE (ICIS)--US-based UGI Corporation is considering acquiring BP’s liquefied petroleum gas (LPG) business in China to expand its presence in the country, a source close to UGI’s China unit said on Tuesday.

BP announced on 7 February it intended to sell its LPG bottle and tank-filling operations, together with its LPG storage terminals, customer lists, operating licences and logistic assets worldwide before the end of next year.

The two firms will likely sign an agreement in the near term and formally announce the deal in March, the source said. 

However, sources from UGI and BP declined to comment further.

UGI currently has stakes in a gas company at Nantong in Jiangsu province, said the source, who added that UGI is interested in BP’s storage terminal at Fuzhou in Fujian province.

By: Monica Wang

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