Fortune Oil Gas Unit To Be Bought By China Gas For $400 Million

Dec. 17, 2012 12:17PM PST

China Gas Holdings Ltd., supplies natural gas to 172 Chinese cities and will be buying Fortune Oil Plc’s Chinese natural gas operations for $400 million, growing its service territory across China.

As quoted in market news:

This will be very good for China Gas. They’re increasing their customer base and they’ve worked with Fortune Oil before to fend off the Sinopec takeover attempt, so it’ll be easy to integrate the businesses.

Click here to read full Bloomberg article.