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China Gas May Announce New Potential Strategic Investor

Posted on: Wednesday, 30 November 2005, 09:00 CST

China Gas may announce new potential strategic investor

BEIJING, Nov. 29 (Xinhua) -- China Gas Holdings Ltd. (China Gas) said Tuesday that it may announce a new potential strategic investor soon with the possible cancellation of the potential strategic cooperation with Singapore City Gas.

China Gas, a major natural gas services operator of the country, may announce details about the new potential partner, an oil company from the Middle East, in a few days, Executive Director Zhu Wei said at the China Gas Summit held here.

The Hong Kong-listed company requested trading suspension Tuesday pending the release of an announcement in relation to the placing of its shares.

China Gas signed strategic cooperation agreements with China Petroleum and Chemical Corporation (Sinopec), the country's largest oil refinery, in November last year and with Gail Limited of India in February this year. The two companies, each holding 8.05 percent of China Gas shares, are the two largest sharers of the Chinese company.

China Gas has also signed memorandums of strategic cooperation with Gazprom of Russia in May last year and with Korea Gas Corporation of the Republic of Korea (Kogas) and Singapore City Gas in January this year.

As for Kogas, Zhu said it may purchase less than 8 percent of shares, or 0.21 billion shares, of the company.

China Gas principally engages in the investment, operation and management of city gas pipeline infrastructure, in the distribution of natural gas to residential and industrial users, in the construction and operation of oil stations and gas stations, and in the development and application of oil and natural gas related technologies.

Source: Xinhua News Agency - CEIS

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