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PetroChina To Sell PetroChina Guangxi Oil Storage To China National Petroleum: PetroChina To Optimize Its Assets Structure
GlobalData, Jan 2011, Pages: 6
PetroChina To Sell PetroChina Guangxi Oil Storage To China National Petroleum: PetroChina To Optimize Its Assets Structure - Deal Analysis From GlobalData
Summary
PetroChina Guangxi International Enterprises Limited (PetroChina Guangxi International), a wholly-owned subsidiary of PetroChina Company Limited (PetroChina), entered into an agreement to sell 100% interest in its wholly owned unit, PetroChina Guangxi Oil Storage Ltd (PetroChina Guangxi Oil Storage) to China National Petroleum Corporation (CNPC), an oil and gas company, for a consideration of CNY2.11 billion ($315m).
PetroChina Guangxi Oil Storage is located in Qinzhou City, China, and is principally engaged in the business of oil storage and pipeline transmission.
According to a statement given by the company, the unit is being sold because of substantial one-off capital input, high fund requirements for storing crude oil and low investment returns.
The company intends to use the proceeds from the disposal to repay bank loans and develop its international oil product business
Scope
- Rationale behind PetroChina selling its subsidiary PetroChina Guangxi Oil Storage
- Strategic Benefits for the companies involved
- Geography covered -China
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in Asian Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the China's oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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