Blue Sky Power agrees to acquire a CNG and LNG business

Blue Sky Power Holdings Ltd has conditionally agreed to acquire the equity interest of a company principally engaged in the transportation of CNG and LNG for HK$158 million. The company is also involved in the wholesale of CNG and LNG, and the operation of L-CNG refueling stations in Shandong province, China.

Tommy Cheng, Chairman and Executive Director of Blue Sky Power Holdings, said: “The CNG and LNG transportation fleet currently owned by the Target Group can allow the Company to have its own logistics solutions in conducting CNG and LNG trading businesses, which usually requires the transportation of CNG and LNG from the gas sources to the customers […] The proposed acquisition provides an opportunity for the Group to expand its market share in the natural gas industry in Shandong province and offers synergy in the area of gas procurement, distribution channels and management of daily operation of the refueling stations”.

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/11082015/blue-sky-power-conditionally-agrees-to-acquire-cng-and-lng-1127/