ENN Group is looking to take over the remaining stake in ENN Energy, valued at HK$90.50bn ($11.6bn), in a move to streamline operations within its natural gas business, reported Reuters.

ENN Natural Gas, holding a 34.28% stake in clean energy company ENN Energy, has proposed buying the remaining shares for HK$59.48bn, valuing each share at HK$80, a 47.6% premium over the closing price on 17 March.

The acquisition proposal comes as Beijing pushes for energy security, urging domestic companies to maintain production and increase natural gas output to reduce foreign dependency, the report said.

Recently, China halted US liquefied natural gas (LNG) imports for 40 days, the longest pause in nearly two years, due to trade tensions.

This suspension has led traders to reroute shipments to avoid tariffs, affecting the global LNG market.

The gap in US LNG imports to China is the longest since June 2023, highlighting ongoing trade tensions initiated by the Trump administration, which threaten to decouple the world's largest LNG seller and buyer.

China, the largest oil and gas importer, has been reducing seaborne gas imports, with LNG imports dropping to their lowest level since early 2020.

This decline is attributed to weak demand and higher European prices redirecting cargoes.

According to Kpler data, China imported 4.5 million tonnes of LNG in February, trailing Japan for the second consecutive month.

In response to market conditions, some Chinese gas companies have resold spot cargoes abroad, particularly to Europe, taking advantage of more attractive prices.

ENN Natural Gas, listed since 1994, operates in gas sales, infrastructure management, engineering construction and installation.

In December 2011, ENN Energy and China Petroleum Corporation attempted to buy out China Gas, but the deal failed due to regulatory issues.