Chinese mainland piped-gas operator China Gas Holdings Limited
Chinese piped-gas operator China Gas Holdings Ltd. has bought 38.69 percent equity interest in Chongqing Ding Fat Industries Co. Ltd for a total consideration of 62.16 million yuan ($7.75 million) from a listed A-share company.
According to a press release from the China Gas, Chongqing Ding Fat is the only regional gas operator in the Chinese mainland with gas exploration right. The company owns 40 gas wells with total annual purification and production capacity of 150 million cubic meters.
The acquisition of equity interest in Chongqing Ding Fat represented the company's first step to tap the natural gas business in Congqing as well as its first attempt to participate in upstream natural gas supply operations.
China Gas is a natural gas services operator, principally engaging in the investment, operation and management of city gas pipeline infrastructure, distribution of natural gas to residential and industrial users, construction and operation of oil stations and gas stations.
China Gas has exclusive piped gas development rights in 49cities and regions in Chinese mainland and has pipeline network of more than 4,200 kilometers serving over 720,000 household users and nearly 1,300 industrial & commercial users.