HONG KONG (Dow Jones)--Kunlun Energy Co. (0135.HK) said Tuesday it agreed to form a joint venture with Tianjin Gas Group Co. to further expand its natural gas operations in China.
Kunlun Energy said in a statement the joint venture will require total investment of CNY1.5 billion, of which Kunlun Energy will put up 51%. Tianjin Gas will cover the remainder.
The joint venture will focus on building and operating gas pipelines and coordinating gas supplies to Tianjin, the statement said.
Kunlun Energy, formerly known as CNPC (Hong Kong) Ltd., is a unit of PetroChina Co. (PTR), a listed unit of state-owned energy firm China National Petroleum Corp.
