PetroChina to Purchase Interests of Petrochina Fuel Oil Company
Posted on: Thursday, 8 December 2005, 09:00 CST
PetroChina to purchase interests of Petrochina fuel oil company
BEIJING, Dec. 7 (Xinhua) -- PetroChina Company Limited, a holding company of China National Petroleum Corporation (CNPC), China's largest oil producer, announced Wednesday that it will acquire a 35.73 percent interest in Petrochina Fuel Oil Company Limited.
PetroChina signed the acquisition agreements Tuesday with the wholly-owned subsidiaries of the CNPC, Liaohe Petroleum Exploration Bureau and China Oil Natural Gas Pipeline Bureau, to buy their respective interests of the Fuel Oil Company for an aggregate cash consideration of 558.76 million yuan (69 million US dollars).
According to the agreement, PetroChina will purchase 60,078,618 shares from the Liaohe Bureau, representing 15.56 percent of the issued shares of the Fuel Oil Company, and 77,887,122 shares from the Natural Gas Pipeline Bureau, representing 20.17 percent of the issued shares of the Company.
The Fuel Oil Company is a 55.43 percent subsidiary of PetroChina. China United Oil Company Limited is a non-wholly owned subsidiary of the PetroChina, also holding 4.36 percent of the Fuel Oil Company.
PetroChina, together with China United Oil will own approximately 95.52 percent of the Fuel Oil Company after the deal. The remaining 4.48 percent of the Fuel Oil Company is held by an independent third party.
PetroChina also intends to acquire the remaining 4.48 percent interest in the near future, said the Company.
It's a move for PetroChina to integrate its business in fuel oil, said a senior manager of PetroChina.
The Fuel Oil Company is principally engaged in the investment and development of fuel oil in the upstream and downstream areas of the country.
The completion of the Acquisitions are subject to the approval of CNPC and the State-owned Assets Supervision Administration Commission and other related obligations of each party.
The acquisition will be completed by no later than June 30, 2006, according to PetroChina.
CNPC is the controlling shareholder of PetroChina, holding approximately 88.21 percent (Note) of the issued share capital of the Company.
Source: Xinhua News Agency - CEIS
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