PetroChina To Buy Three Natural Gas Storage Companies For RMB 40.016 Bln

(RTTNews) - China's state-owned petroleum company PetroChina Co. Ltd. (PCCYF) on Tuesday proposed to acquire three natural gas storage facilities from its controlling shareholder, state-owned China National Petroleum Corp., in a deal valued at 40.02 billion Chinese yuan or $5.59 billion.

The proposed acquisition involves the entire equity interest in Xinjiang Gas Storage facility for 17.07 billion yuan, Xiangguosi Gas Storage facility for 10.0 yuan and Liaohe Gas Storage facility for 12.96 billion yuan.

The proposed deal will ensure the stable operation and high-quality development of the Company's natural gas industrial chain. It will add 10.97 billion cubic meters of working gas storage capacity.