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PetroAsian acquires LNG company

LNG Industry,

PetroAsian Energy Holdings Limited has entered into an agreement to acquire the LNG company Perfect Reward Limited.

The transaction is valued at an aggregate consideration of HK$950 million. Upon completion of the transaction, Perfect Reward will become a wholly-owned subsidiary of PetroAsian.

Perfect Reward is engaged in LNG businesses and is a service provider to the LNG supply chain, covering all upstream, midstream and downstream segments of the industry. The company is a subsidiary of CLNG Group, which specialises in domestic equipment sales, modification and maintenance services of LNG, remanufacture of gas engines, fuel conversion, vehicle modification for gas application, plantation of LNG facilities, LNG refuelling stations for vessels, and related logistics.

Adapted from press release by Katie Woodward

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