China Gas Holdings Ltd said it has agreed to set up a joint venture company with Oman Oil Co SAOC, one of the company's major shareholders, to import energy products from the Middle East.

 

China Gas said the move will allow it to develop a secure supply of energy products from the region.

 

China Gas and Oman Oil will each hold a 50 pct stake in the joint venture, China Gas said in a statement.

 

The new joint venture company will have an authorized share capital of 40 mln usd, and each of the partners will contribute 20 mln usd.

 

The joint venture 'will import energy products, including liquefied natural gas, liquefied petroleum gas, crude oil and fuel oil from the Middle East and other parts of the world into China,' the statement said.

 

Oman Oil holds a 7.66 pct stake in China Gas Holdings.

 

At the end of the Wednesday morning trade in Hong Kong, China Gas was up 0.18 hkd or 7.89 pct at 2.46.