PetroChina Co. has proposed buying three natural gas storage companies for 40 billion yuan ($5.6 billion) to bolster the nation’s infrastructure for the fuel.
The board of China’s biggest oil and gas producer on Tuesday approved a plan to buy Xinjiang Gas Storage, Xiangguosi Gas Storage and Liaohe Gas Storage from state-owned controlling shareholder China National Petroleum Corp., according to a filing on the Hong Kong stock exchange.
The move comes as China ramps up its gas consumption in an effort to boost energy security and ease dependence on coal to reduce emissions and air quality. China’s natural gas demand is expected to rise more than 40% through 2050, according to a projection by the International Energy Agency that takes into account existing and announced policies.
Buying the three companies would add about 11 billion cubic meters to PetroChina’s gas storage capacity, the company said.
“This will enhance adjustment efficiency and maximize the overall benefits of the natural gas industry chain,” the company said in the filing.
PetroChina is offering to pay about 17 billion yuan for Xinjiang Gas Storage, 10 billion yuan for Xiangguosi Gas Storage and about 13 yuan for Liaobe Gas Storage.
The proposed deal comes after PetroChina’s profits have fallen from a record high in the first half of the year as crude prices dropped and domestic oil demand stagnated. The company reported 84 billion yuan ($12 billion) in net profit for the first six months of the year, compared to 89 billion yuan in the same period in 2024.
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