It is reported that China Suntien Green Energy Corporation subsidiary, Hebei Natural Gas will establish a joint venture with PetroChina and Beijing Enterprises Water Group to build a LNG terminal at Caofeidian Port, Hebei province.

The joint venture will have a registered capital of CNY 2.6 billion.

PetroChina, Beijing Water and Hebei Natural Gas will contribute CNY 1.33 billion, CNY 754 million and CNY 520 million for respective stakes of 51%, 29% and 20%.

Suntien and the other shareholder of Hebei Natural Gas, Hong Kong and China Gas will jointly pay for Hebei Natural Gas contribution based on their respective shareholdings of 55% and 45%.

Suntien said the joint venture will allow it to enter the LNG sector and diversify its business.

(Sourced from Shanghai Securities News)