PetroChina, Shaanxi Yanchang set up joint venture in China

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)

By: Dolly Wu
+65 6780 4359

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