Dalian P cheap coach purses ort, PetroChina to launch LNG JV in Xingang

Mar. 20, 2009 (China Knowledge) - Dalian Port (PDA) Company Limited<2880> will set up a liquefied natural gas (LNG) terminal joint venture with PetroChina<601857><857><PTR>, the nation's top oil producer, according to the Hong Kong-listed port operator's statement on Wednesday.

The planned joint venture (JV), with a registered capital of RMB 2.6 billion, will focus on the construction and operation of a LNG wharf in the city of Xingang, Dalian, which is expected to be put into operation in 2011.

PetroChina will hold a majority stake of 75% in the JV, while Dalian Port will own a smaller 20% stake, with the remaining 5% held by Dalian Construction Investment Corp, a local government investment arm.

Dalian Port will firstly invest RMB 200 million in cash in the JV, with the rest RMB 320 million to be paid by the proceeds from a bond sale later.