CLNG Tianjin to invest in Chinese LNG storage and transportation company
Published by David Rowlands,
Editor
LNG Industry,
China LNG Group Ltd has announced that CLNG Tianjin has agreed to invest RMB45.9 million in a company that is involved in the investment, development, management and operation of LNG storage and transportation projects in China.
Once the transaction has been completed, CLNG Tianjin will hold a 51% share in the company. The company will then also officially become a non-wholly owned subsidiary of CLNG Tianjin.
The target company is currently owned by Company A (90%) and Company B (10%).
The completion of the agreement relies on the satisfaction, or failure to satisfy, a number of conditions. If these conditions are not satisfied within a 60-day period after the signing of the capital injection agreement, then CLNG Tianjin holds the right to terminate the agreement.
Should the conditions be met and the agreement completed, then the target company will comprise of five directors. Three of these will be appointed by CLNG Tianjin, whilst Company A and Company B will appoint the remaining two. CLNG Tianjin will also appoint the Chairman of the Board of Directors.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/small-scale-lng/14072016/clng-tianjin-to-invest-in-chinese-lng-storage-and-transportation-company-2749/
You might also like
IEEFA: Tidal wave of new LNG supply to flood market amid demand uncertainty
Sluggish demand growth for LNG, combined with a record increase in global export capacity through 2028, will likely thrust markets into an extended period of oversupply, according to the latest Global LNG Outlook from the Institute for Energy Economics and Financial Analysis.