12 September 2012 09:39 [Source: ICIS news]
SINGAPORE (ICIS)--China Oil and Gas Group will invest around Hong Kong dollars (HK$) 1bn ($129m) to build a 200m cubic metres/day liquefied natural gas (LNG) plant at Yutai in Shandong province, the company said late on Tuesday.
The plant will use coke oven gas as feedstock, the company said in a statement to the Hong Kong Stock Exchange.
China Oil and Gas will also develop city gas, logistics and transportation, LNG filling stations and other related business at Yutai, it said.
The investment will be implemented after the company completes acquisition of the project from its existing owner, Yutai County Xinda Economic Development and Investment (Yutai Xinda).
On 11 September, China Oil and Gas entered into an agreement with Yutai Xinda to acquire all assets of the coke oven gas project for yuan (CNY) 113.9m ($18.2m) the statement said.
Hong Kong-listed China Oil and Gas Group mainly engages in natural gas and energy related businesses.
($1 = HK$7.75)
($1 = CNY0.16)
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