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China Gas Distributor To Create Venture With Oman Oil

China Gas Holdings Ltd said it will set up a venture with Oman Oil Co

China Gas Holdings Ltd, a distributor of piped gas in China's mainland, said it will set up a venture with Oman Oil Co to benefit from surging energy demand in the fastest-growing major economy.

The 50-50 venture, based in Oman, will ship fuels such as liquefied natural gas and crude oil to China, Chief Financial Officer Eric Leung said yesterday. China Gas yesterday said it will sell a 7.45 percent stake for HK$248 million (US$32 million) to state-owned Oman Oil.