Sinopec Takes Stake in Natural Gas Firm

Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), China's biggest refiner, has stepped into the natural gas business after buying 49% of Yanzhou Green Energy Co for ¥8.21 million. The deal came after a $2.15 billion bid for China Gas Holdings Ltd (HKG: 0384) by Sinopec and ENN Energy Holdings Ltd (HKG: 2688) was dealt a further blow when Beijing Enterprises Holdings Ltd (HKG: 0392) earlier this week raised its stake to a higher price, stirring up competition.

(thechinaperspective.com, Edited by Topco)