BEIJING, Sep. 8, 2010 (Xinhua News Agency) -- PetroChina (PTR.NYSE; 0857) may transf er 75 percent stake of its Dalian LNG to its subsidiary Kunlun Energy (00135.HK) for about 2 billion yuan, reported Shanghai Business Daily.
PetroChina has listed a 75 percent stake of Dalian LNG for sale on the Beijing Equity Exchange on Tuesday with price at 2.00909 billion y uan.
PetroChina requires the potential buyers should be state-run or sta (OOTC:SRPIF) te-controlled companies engaged in oil and gas exploration and develop ment for at least 10 years, making profits for three consecutive years , have had a 2009 net profit no less than 500 million yuan, debt-to-as set ratio less than 20 percent, and having more than 2 billion yuan of
bank deposits.
The rigid requirement almost rules out other buyers except for Kunl un Energy, a subsidiary of PetroChina engaged in developing towngas, a uto-use gas, and commercial gas businesses throughout China.
Kunlun Energy's board recently also announced that it would acquire
75 percent stake of Dalian LNG from shareholder PetroChina for 2.21 b illion yuan. Kunlun Energy is now running business in more than 10 pro vinces in China.
PetroChina (PTR.NYSE; 00857.HK; 601857.SH), another listed company of CNPC, is also attempting to develop its towngas business through th e newly formed Kunlun Gas, which CNPC established in 2008 and has inje cted assets worth more than 100 million yuan.
PetroChina, China's largest natural gas producer, has homed in on t he natural gas business as its new growth point for future years. It i s attempting to integrate gas assets into Kunlun Energy and Kunlun Gas
to streamline its gas business. (Edited by Lin Fanjing, linfanjing@xi nhua.org)
