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Kunlun to raise HKD10 billion to fund LNG projects

April 11/2012
(news.flanders-china) -- Kunlun Energy, the gas distribution arm of PetroChina, announced it would raise HKD10.48 billion to fund its liquefied natural gas (LNG) projects.

PetroChina has agreed to sell 800 million existing shares and subscribe to the same number of new shares to be issued by Kunlun. PetroChinas stake in Kunlun will be diluted to 58.7% from 65.1% as a result. Kunlun said the share placement will allow it to "capture future expansion and acquisition growth opportunities as and when they arise".

The company began construction of 15 LNG processing plants last year, with a total daily capacity of 20 million cubic meters. Four of the plants, in Inner Mongolia, Xinjiang, Qinghai and Hainan, have a combined daily capacity of 1.38 million cu m.

The rest are slated to come on stream in the next two years. Kunlun also said it has 23 compressed natural gas (CNG) filling stations and 109 LNG stations under construction. Kunlun posted a net profit of HKD5.61 billion for last year, up 33.7% from a restated 2010 profit.

Oil and gas production accounted for 43% of before-tax profit of HKD10.4 billion, against 41.6% from pipeline transmission, 12.8% from city gas sales, and 2.5% from LNG terminal processing.

Author:Anna Larionova
Category:General News
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