11 April 2013 07:32 [Source: ICIS news]
SINGAPORE (ICIS)--Hong Kong-listed NewOcean Energy announced on late Tuesday that it has entered into an agreement with China’s Sinopec to set up a joint venture that focuses on retailing gas for vehicle consumption and bonded bunker sales.
The yuan (CNY) 100m ($16m) joint venture will be formed before July this year, with Sinopec holding a 51% interest and NewOcean’s wholly owned subsidiary NBIC taking a 49% stake, according to a statement from NewOcean.
Under the agreement, the new company will operate the two partners’ existing liquefied petroleum gas (LPG) refueling stations in Guangzhou – 17 under NBIC and three under Sinopec.
In addition, the joint venture will install LPG refueling facilities in five of Sinopec’s petrol stations in Guangzhou and operate them after completing the construction.
The company will also set up and operate liquefied natural gas (LNG) refueling facilities in Sinopec’s 22 other petrol stations in the city.
The joint venture will be responsible for the retail of non-petrol products at the petrol stations as well as bonded bunker sales and distribution.
The partnership gives NewOcean a good opportunity to strengthen its LPG business and expand into the LNG sector, the company said in the statement.
($ 1= CNY6.20)
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