Fortune Oil: China Gas Approves Transaction

Fortune Oil said that shareholders in China Gas Holdings Limited approved the Proposed Transaction on 8 February 2013, with 99.96%  of the votes cast in favour of the appropriate resolutions.

As such, this condition to the Share Purchase Agreement has now been satisfied.

Fortune Oil agreed to inject it’s Natural Gas Business into China Gas. Fortune Oil’s Natural Gas Business includes a coal bed methane block in Shanxi Province, gas pipeline infrastructure covering 3 major municipalities of Beijing, Tianjin and Chongqing, as well as 7 provinces  including Shanxi, Henan, Hebei, Shandong, Liaoning, Jilin and Hubei.

The Natural Gas Business also has CNG (compressed natural gas) and LNG (liquefied natural gas) operations with downstream retailing to end-users through its city gas companies or CNG vehicle stations such as the largest CNG station in Beijing.

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LNG World News Staff, February 13, 2013