05 July 2012 10:23 [Source: ICIS news]
SINGAPORE (ICIS)--China’s PetroChina and Shaanxi Yanchang Petroleum set up a joint venture (JV) in Yan’an at Shaanxi province, northwest China, a source from Shaanxi Yanchang Petroleum said on Thursday.
The two companies named the JV as Shaanxi Yan’an Petroleum (Yan’an Petroleum), which was set up on 1 July, according to the source.
The source did not provide details on the JV and what petrochemicals it will produce.
The total registered capital of the JV was yuan (CNY) 2bn ($315m), of which CNY1.02bn was from PetroChina and CNY980m from Shaanxi Yanchang Petroleum, the source said.
PetroChina owns a 51% share of Yan’an Petroleum while Shaanxi Yanchang Petroleum owns 49%, the source added.
PetroChina is a major Chinese oil and gas producer, while Shaanxi Yanchang Petroleum is largely involved in oil and gas exploration in China.
($1 = CNY 6.35)
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