Gas for Transport

CIMC Enric to buy LNG bunkering tank manufacturer

Hong Kong-listed CIMC Enric Holdings has signed a deal to purchase SinoPacific Offshore & Engineering, a manufacturer of LNG marine storage tanks.
By Staff reporter 6 July 2017 0 26662

Hong Kong-listed CIMC Enric Holdings has signed a deal to purchase SinoPacific Offshore & Engineering, a manufacturer of LNG marine storage tanks, for RMB 799.8 million ($117.5 million).

CIMC Enric will restructure the target as part of its deal to buy the company, which is currently under the receivership of a Chinese court.

CIMC Enric, which is 71% owned by China International Marine Containers, believes the marine storage and transport industry for LNG will remain "bullish" in the long term and the prospects of SinoPacific make it...