China Gas acquires Fortune Gas for $400m to boost presence in China

18 December 2012 03:28  [Source: ICIS news]

SINGAPORE (ICIS)--Hong Kong-listed China Gas Holdings (CGH) announced on Tuesday that it has acquired all interests of Fortune Gas for $400m (€304m) to strengthen its presence in China’s natural gas sector.

An agreement on the deal was signed on 16 December between the purchaser, CGH’s wholly-owned subsidiary China Natural Gas Investment, and the sellers, which are Fortune Oil PRC (85%) and Wilmar International (15%), CGH said in a statement.

Fortune Gas’ business includes city gas distribution, coal bed methane business and liquefied natural gas (LNG) vessel and vehicle refuelling in China, it said.

“The acquisition is in line with our business strategies and expansion plan,” according to the statement.

($1 = €0.76)

By: Fanny Zhang
+65 6780 4359

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