HK leading gas supplier to embark on new joint venture in Jilin
(Xinua)
Updated: 2006-09-04 18:23
Changchun -- Hong Kong's leading gas supplier, Hong Kong and China Gas
Company Limited (Towngas), announced on Monday it would establish a joint
venture with the Jilin provincial state-owned asset management company as a
public supplier in the northeastern province.
The new joint venture will also work with the Jilin provincial branches of
China National Petroleum Corporation and China Petroleum and Chemical
Corporation to develop the rich gas resources in northeast China, said Alfred
Chan, managing director of Towngas.
The new company is expected to become a platform for gas imports from Russia,
he said.
The new company, with a registered investment of 160 million yuan (US$20
million), is Towngas' second joint venture in the gas-rich Jilin province and
the two sides plan to inject a total of 2 billion yuan (US$250 million) into the
company, said Chan. He did not reveal how many shares each side held.
With Towngas' advantage in technology and management, the new company will
help local gas companies to improve their services and perfect their operations,
said Zhang Zhizhong, president of Jilin provincial state-owned asset management
company.
Founded in 1862, Towngas was the first public utility in Hong Kong. As the
leader of gas production and distribution in the region, the company supplies
gas to over 1.5 million Hong Kong customers with more than 3,000 km of pipeline
networks.
The company has invested more than 10 billion yuan (US$1.25 billion) in
setting up 41 joint ventures on the Chinese mainland since it entered the
mainland market in 1994 and it aims to achieve a total revenue of 10.4 billion
yuan from its mainland business by the end of 2008.
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