OREANDA-NEWS. December 28, 2011. China Resources Gas Group Ltd said on Tuesday it would form a joint venture with a Chinese state-owned company to supply piped gas in Ningbo city, with proposed total investment of 4 billion yuan (USD 631.3 million).

 Its unit CR Gas Investment agreed to buy a 49 percent stake in Ningbo Xingguang Gas, with the remaining 51 percent stake held by state-owned Ningbo Urban Construction Planning and Investment Holding Co Ltd, China Resources Gas said in a statement.

 The deal came in less than two months after China Resources Gas agreed to set up a 6 billion yuan city piped-gas distribution joint venture with Tianjin Gas Group Co Ltd.

 The company did not give other financial details.
 The Ningbo joint venture proposal is subject to the approvals of relevant authorities, it added.

 Piped-gas supplier Ningbo Xingguang currently is currently a wholly owned subsidiary of Ningbo Urban Construction with total registered capital of 380 million yuan.