Monday, December 22, 2008

PetroChina acquires 56.66% stake in CNPC (HK) from parent

PetroChina<601857><857>, the nation's top oil producer, announced that it has finalized the purchase of a 56.66% indirect stake in CNPC (Hong Kong) Ltd<135> from its parent China National Petroleum Corp (CNPC).

The Chinese oil giant said in a statement that CNPC (Hong Kong) and PetroChina will further explore potential opportunities to jointly develop city gas, vehicle fuel gas and other natural gas businesses in end-user markets upon completion of the stake sale.

PetroChina announced in August that it would spend HK$7.59 billion in acquisition of 100% stake in Sun World Ltd from CNPC. At that time, CNPC (Hong Kong) was 51.89% held by Sun World.

CNPC (Hong Kong) bought back about 415.57 million shares since Sep. 9, raising Sun World's holding in CNPC (Hong Kong) to 56.66%.

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