China Ocean LNG, a unit of China Ocean Shipbuilding Industry Group ( COSIG ), is buying a 47% stake in state-owned gas Jiangxi Petrochina Kunlun Gas (Jiangxi Gas) for a total of RMB38.4 million (US$6.2m).
COSIG said in a filing to the stock exchange that it is beneficial for the company to invest in Jiangxi Gas, which is owned by Petrochina Kunlun, because of its “ good connection in the natural gas-related industries, as part of the strategic transformation of COSIG’s business .”
Further, the investment in Jiangxi Gas also enables the Group to enter into natural gas related business in the Yangtse River region, and hence laying foundation for the Group’s potential development in the energy logistics business. it added.