Huagang Gas Group, a unit of China National Petroleum Corp., will form a joint venture to build an RMB 8.0 billion ($1.3 billion) LNG terminal and storage facility at the port of Dafeng in eastern Jiangsu province, JV partner Huifeng Petrochemical said in a stock exchange filing.
Huagang Gas will be the largest shareholder, with 45%, followed by Huifeng Petrochemical, on 35%. The first phase will require investment of RMB 6.0 billion.
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