China Ocean Shipbuilding Acquires Jiangxi Gas
By Aiswarya Lakshmi
Friday, June 26, 2015
China Ocean Shipbuilding Industry Group (COSIG) with its unit, China Ocean LNG has bought a 47% stake in Jiangxi Petrochina Kunlun Gas (Jiangxi Gas) for a total of ($6.2m), according to a stock market statement.
The Chinese yard noted the benefits of investing in Jiangxi Gas, which has state-owned enterprise Petrochina Kunlun (51% stake), as a controlling shareholder and which has good connections in the natural gas related industries, as part of the strategic transformation of the group’s business.
Jiangxi Gas is principally engaged in investment, operation, development, manufacture, sale, transportation and storage of natural gas and related products in Jiangxi Province, the PRC; provision of natural gas related infrastructure installation and technical services and consultancy services, says the statement.
COSIG expects to diversify its business scope through the purchase and enter into natural gas related business in the Yangtze River, a hotbed of LNG development in China. The company is also looking for potential development in the energy logistics business.