RTRS:China Gas says in distribution agreement with Sinopec
HONG KONG Oct 15 (Reuters) - Gas distributor China Gas Holdings Ltd said on Monday it has entered into an agreement with state oil and gas giant Sinopec Corp to jointly develop natural gas and liquefied petroleum gas in China.
In a filing with the Hong Kong stock exchange, China Gas said it planned to set up a joint venture with Sinopec to distribute LPG produced by Sinopec and the state giant would use it as platform and partner to develop city gas projects.
Before the announcement, Sinopec and ENN Energy Holdings Ltd - a domestic rival of China Gas - said they had dropped their $2.2 billion offer for China Gas as they failed to secure regulatory approval for what would have been Hong Kong's first unsolicited bid. (Reporting by Charlie Zhu and Anne Marie Roantree; Editing by Muralikumar Anantharaman)
