China’s SHV Investment may acquire BP’s China LPG business

16 August 2012 05:47  [Source: ICIS news]

(recast throughout for clarity)

SINGAPORE (ICIS)--China’s SHV Investment is looking to acquire BP’s liquefied petroleum gas (LPG) business in China, a source from SHV said on Thursday.

However, the source was unable to provide details on the financial details, terms and schedule of the transaction.

The deal will exclude BP’s assets in Fuzhou, according to a southern China-based trader.

Besides Fuzhou, BP also operates LPG businesses in China’s Foshan, Jiangmen and Zhongshan.

Sources from BP could not be reached for comments.

The deal, if done, will not have any significant impact on the market as BP’s LPG assets in China are relatively small. However, the transaction could be quite significant for SHV as it will increase the company’s presence in China, industry sources said.

BP announced in February that 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 by the end of 2013. 

SHV Investment is a wholly owned subsidiary of Holland’s SHV Energy and mainly engages in LPG distribution in China.

 


By: Monica Wang



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