China Resources Gas Group and Tianjin Gas will set up a joint venture to supply natural gas to China’s Tianjin region.
The firms will make an investment of almost CNY5bn ($735.7m) in the venture, of which China Resources will provide 49% in cash and Tianjin Gas will provide the rest.
The joint venture, which has been formed for 30 years, may acquire assets from Tianjin Gas in the future.
Approval from the relevant authorities for the joint venture is expected by November 2010.
