HQCEC China Petroleum Group Co., Ltd. 19.9% of the subscription options in Australia LNG

abarrelfullabarrelfull wrote on 27 Jan 2011 09:51
Tags: cnpc deals lng

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HQCEC China Petroleum Group (the "HQCEC") to subscribe for the Australian Liquefied Natural Gas Limited (referred to as "LNG Limited") part of the equity framework agreement signing ceremony in Beijing. HQCEC about placing this after the subscription of shares issued ordinary shares of LNG Co., Ltd. 19.9%, becoming the largest LNG Limited shareholders.

Group General Manager Jiang Jiemin, Geoff Raby, Australian Ambassador to China, LNG Ltd Richard Bell, Chairman of the Board attended the signing ceremony of Strangford. Group Vice President Yu Baocai speech.

HQCEC the Chinese oil group, which is the technology for the pilot to design as a leader, set consulting, research and development, design, procurement, construction management, equipment manufacturing, driving-in-one guidance and has overall project management and engineering contract comprehensive ability contracting international engineering company, is the science and technology intelligence and technology-intensive state-owned enterprises.

LNG Ltd for the Australian-listed company, primarily focused on natural gas liquefaction technology development and applications, and has a natural gas liquefaction technology (OSMR ® technology). The subscription can HQCEC priority use of technology has OSMR. The technology has the energy utilization, the overall efficiency technology, simple process, low emissions, high efficiency and low investment in technology advantages. The technology can be used in HQCEC on existing and future projects to further improve HQCEC the field of LNG in the international market competitiveness.

This transaction is consistent with China Petroleum and natural gas highlights the development of green business development ideas to create, for the rapid increase of China Petroleum LNG technical strength, and promote the development of natural gas business in Australia is important.

Group Chief Accountant Wang Guoliang, deputy chief accountant temperature Castle Peak, and the Australian Embassy and the related LNG Co., Ltd. attended the signing ceremony.

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