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China Resources, Tianjin Gas agree to $590 mln venture
Published on: 2010-06-29
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HONG KONG June 29 (Reuters) - China Resources Gas Group and Tianjin Gas have agreed to set up a joint venture to supply natural gas in China's Tianjin, with total investment of about 4-5 billion yuan ($588.6 million-$735.7 million), China Resources said on Tuesday.

City gas distributor China Resources would contribute 49 percent of the capital with cash, with state-owned Tianjin Gas taking up the remaining investment, China Resources said in a statement to the Hong Kong stock exchange.

The joint venture, which is expected to last 30 years, may acquire assets from Tianjin Gas in the future.

The firms expect to receive approval from the relevant authorities for the joint venture by November.

Shares in China Resources Gas, which were suspended on Monday, will resume trade on Tuesday.

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