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21

China Gas Supplier Buys Controlling Stake in LPG Giant

Piped-gas supplier China Gas Holdings Ltd plans to buy a controlling stake in China's largest LPG distributor

Piped-gas supplier China Gas Holdings Ltd is to buy a controlling stake in China's largest LPG distributor, two sources with knowledge of the deal told Reuters on Wednesday.

China Gas is targeting Zhongyou Huadian Energy Co Ltd, based in the country's affluent eastern province of Zhejiang, two sources said on condition of anonymity, declining to say how much the firm intended to pay or what stake it was eyeing.

Competing with bigger rivals Hong Kong and China Gas and Xinao Gas Holdings Ltd. China Gas pipes gas to more than 60 cities in China.