CNPC HK Pvc Shopping Bag Agrees to Buy into China Oil & Gas

CNPC (Hong Kong) Ltd, which is 58.01% held by China National Petroleum Corp, on Wednesday announced that it has agreed to pay RMB 615.5 million to acquire a 49% stake in China Oil & Gas Co, sources reported.

CNPC (Hong Kong) said in a statement that it will buy the stake from CNPC Pipeline Bureau, a sister company wholly-owned by CNPC.

China Oil & Gas, which is 51% held by independent third parties, is mainly engaged in businesses such as the construction, operation and management of city gas pipeline networks and ancillary facilities and the development of utilization and sale of liquefied petroleum gas in China.

The Hong Kong-listed company said last week that it had agreed to acquire a 29.41% stake in CNPC Shennan Oil Technology Development Ltd for RMB 61.44 million, increasing its holding to 80.39%, according to an earlier report from China Knowledge.

(classifiedsinn.net, Edited by Topco)