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AFX Asia (Focus): Hong Kong’s Towngas in JV deal with Shell (China) in Hangzhou

AFX Asia (Focus): Hong Kong’s Towngas in JV deal with Shell (China) in Hangzhou

11 May 2005

HONG KONG (AFX) – Hong Kong and China Gas Co Ltd (Towngas) said it has entered into an agreement with Shell (China) Ltd and local operator Hangzhou Gas to build a natural gas facility in Hangzhou.

In a statement, Towngas said it and partners Shell and Hangzhou Gas (Group) will set up a new joint venture which will construct a 117-kilometer pipeline and two natural gas city gate stations in Hangzhou.

The companies will spend a combined 750 mln yuan for the project, the statement said.

It said Hangzhou Gas will take a 51 pct stake in the new company, while Shell and affiliate Shell China BV will hold a 39 pct stake. Towngas will own the remaining 10 pct.

The company said the project is expected to be completed in 2008 and operate at its full capacity of 600 mln cubic meters of gas per year in 2010.

(1 usd = 7.8 hkd)

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