Beijing Gas Blue Sky signed a memorandum of understanding with Beijing Gas Group and its unit Beijing Gas Company to purchase 29 percent equity interest in PetroChina Jingtang LNG.
PetroChina Jingtang is engaged in the provision of port facilities for LNG vessels, provision of cargo handling services, warehousing and loading services of LNG within the port area as well as receiving, storage and re-gasification of liquefied natural gas.
Beijing Gas Blue Sky expects the consideration of the proposed transaction to be no more than 1 billion yuan renminbi ($152.2 million) and will be covered by the issuance of new shares to Beijing Gas Group.
Upon the completion of the transaction, Beijing Gas Group, that currently holds 26.91 percent interest in Beijing Gas Blue Sky, would increase its shareholding in the company to over 30 percent.
Beijing Gas Blue Sky added that it has completed the acquisition of two natural gas projects in Shanxi Province, including Shanxi Minsheng Natural Gas and Yongji Minsheng Natural Gas.
1 CNY = 0.150999 USD