China Gas buys pipeline company in Inner Mongolia

Jun 13, 2007 02:00 AM

China Gas Holdings, a leading natural gas services provider, announced that it plans to invest CNY 1.95 mm in acquiring a 65 % stake in Changmeng Natural Gas Co.
Changmeng Natural Gas, locating in the Inner Mongolia Autonomous Region, mainly engages in design, construction, installation, management and operation of natural gas pipelines and networks.

It has a registered capital of CNY 3 mm, 65 % of which is held by Ordos Shida Real Estate Development Co., who will transfer the stake to China Gas via the latter's underlying company and it will become the fifth and the largest long transmission pipeline for natural gas of China gas, which has four long pipelines with total annual transmission capacity of 2 bn cm for now.
Additionally, Changmeng Natural Gas will start to build a 230-km pipeline from Sugeli gas field to Etuoke Village of Ordos, which will cost a total of CNY 400 mm and will have a designed annual transmission volume of 1.2 bn cm, in the second half of 2007.

Source: stocknews.com.cn / Sinocast
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