15 April 2013 07:14 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Hao Tian Resources Group said in a statement over the weekend that it has entered into a framework agreement with GCL Development to set up a joint venture dealing in natural gas in China.
Under the agreement signed on 12 April, the joint venture will process synthetic oil from natural gas, produce liquefied natural gas (LNG) as well as sell the LNG product.
Hao Tian Resources will supply natural gas to the proposed projects and GCL Development will provide the technology for production, according to the statement.
Both companies will also set up LNG retailing stations in Xinjiang, Anhui and Jiangsu provinces.
Each party's stakes in the joint venture are still under discussion, the statement showed.
Hao Tian Resources said the partnership is part of its efforts in shifting its core business strategy from the mining sector to the oil and gas industry.
GCL Development specialises in green energy, energy conservation and storage business.
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