Datang invests US$576 mln in mainland gas project
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Datang International Power, the Hong Kong-listed unit of the State-owned power generator China Datang, has said it would invest 3.93 billion yuan (576 million U. S. dollars) to set up a joint venture for a coal-based gas project in North China's coal-rich Inner Mongolia.
In a statement filed to the Hong Kong stock exchange on Monday night, Datang International Power said its wholly-owned subsidiary Energy and Chemical Company contributed 51 percent of capital to establish the coal-based gas company to build and operate the gas project.
Beijing Gas Company, China Datang and Tianjin Jinneng will contribute 34 percent, 10 percent and 5 percent of capital, respectively.
The coal-based gas project, located in Kesheketeng Qi, Inner Mongolia, owns a production of 4 billion cubic meters of natural gas per annum.
China Datang has a controlling stake of 35.08 percent of Datang International Power, according to the statement.
Shares of Datang International Power lost 3.47 percent to end at 2.78 HK dollars (36 U.S. cents) on Tuesday.
