Hong Kong Gas Firm Deal Approved in east China

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Last updated at: (Beijing Time) Thursday, July 03, 2003

Hong Kong Gas Firm Deal Approved in east China

The investment of Hong Kong and China Gas Co. in a major gas supply project in Nanjing, capital ofeast China's Jiangsu province, has been approved by the local business administration.

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The investment of Hong Kong and China Gas Co. in a major gas supply project in Nanjing, capital ofeast China's Jiangsu province, has been approved by the local business administration.

The joint venture involves investment of 1.2 billion yuan (146 million US dollars) with a registered capital of 600 million yuan (73 million US dollars).

The Hong Kong and China Gas Co., a Hong Kong-based firm, owns 49 percent of the shares of the joint venture, while Nanjing Gas Group Co., Nanjing, its major partner, holds 50 percent of the shares.

A spokesperson with the Hong Kong company said the gas supply network in Nanjing will exceed 1,900 km in length by 2008 with the capacity to supply 630 million cubic meters a year to 500,000 households.

The Hong Kong company also invested in Ma'anshan City in Anhui province, Zhangjiagang City in Jiangsu and Tongxiang City in Zhejiang province with total investment close to 500 million yuan (60 million US dollars).

The Hong Kong company owns 50 percent of the shares in each ofthe three projects in the cities and has exclusive rights to supply gas in the cities.

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