Sponsored By

China Ocean Shipbuilding invests to diversify into LNG

Major Chinese yard China Ocean Shipbuilding Industry Group (COSIG) is continuing its diversification into the energy business, with its unit, China Ocean (LNG) buying a 47% stake in fellow state-owned gas company Jiangxi Petrochina Kunlun Gas (Jiangxi Gas) for a total of RMB38.4m ($6.2m), according to a stock market announcement.

Vincent Wee, Hong Kong and South East Asia Correspondent

June 26, 2015

1 Min Read
Kalyakan - stock.adobe.com

The company noted the benefits of investing in Jiangxi Gas, which has state-owned enterprise Petrochina Kunlun (51% stake), as a controlling shareholder and which has good connections in the natural gas related industries, as part of the strategic transformation of the group’s business.

It added that the investment in Jiangxi Gas also enables the group to enter into the natural gas related business in the Yangtze River region, and helps lay the foundation for the group’s potential development in the energy logistics business.

COSIG last year entered into a strategic cooperation agreement with the Jiujiang city government in Jiangxi province to establish coastal industries including LNG shipping and storage. It is seeking to establish and LNG industry chain in the Yangtze River basin.

Read more about:

ChinaLNG

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like