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10

Chinese Group Buys Gas From Australia, Saudi and Philippines

The Ministry of Commerce granted approval in June to Xinao Energy Trading Co Ltd, a unit of China Xinao Group

Xinao Group, the parent of Hong Kong-listed Xinao Gas Holdings Ltd, is in talks with firms in Australia, the Philippines and Saudi Arabia to import natural gas, a company official said.

"We are negotiating with companies in these countries. Deals are expected to be concluded by year-end," assistant to the chairman Zou Benzhen told XFN-Asia on the sidelines of an industry conference.

He did not provide further details.

The Ministry of Commerce granted approval in June to Xinao Energy Trading Co Ltd, a unit of China Xinao Group, to import and export natural gas.

The Xinao unit is the first privately-owned company to receive such a license, previously restricted to state-owned companies.

China Xinao Group is a major natural and liquefied petroleum gas provider in 60 Chinese cities.