China Gas Holdings Buys 51% Stake in PetroChina Beijing Gas

China Gas Holdings Ltd. on Thursday announced it would buy a 51 percent stake in PetroChina Beijing Gas (Jinzhou) Natural Gas for 234.6 million yuan ($35.7 million).

Hong Kong listed China Gas Holdings had initially agreed to acquire a 48 percent stake in the target company. The company expects the purchase will complement and generate synergy with its existing business. It is in line with the business strategies and the expansion plan, China Gas Holdings said.

PetroChina Beijing Gas is involved in the distribution of city gas and natural gas, and the construction of long-distance natural-gas pipelines.

China Gas Holdings is a gas operator and service provider principally engaged in the investment, construction and operation of city gas pipeline infrastructure facilities, gas terminals, storage and transportation facilities, gas logistics systems, transmission of natural gas and LPG to residential, industrial and commercial users, construction and operation of compressed natural gas and LNG refilling stations as well as development and application of technologies relating to natural gas and LPG in China.