Exploration & Production

Sino Gas & Energy reduces stake in Linxing PSC

SGE has reduced its stake in the Linxing production-sharing contract from 70% to 49%
By Staff reporter 13 June 2018 0 31287

China-focused CBM developer Sino Gas & Energy Holdings (SGE) has reduced its stake in the Linxing production-sharing contract (PSC) from 70% to 49% to comply with Chinese rules on foreign ownership of resource projects, the company said on Tuesday.

SGE will receive an eight-year extension to the PSC until August 2036 for transferring the 21% interest to China United CBM, its partner in Linxing.

United States-based private equity firm Lone Star made a bid to take over SGE last month, and...