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Fri 26 Nov 2010, 06:21 GMT

PetroChina to acquire remaining stake in fuel oil unit


Stake purchase is expected to be completed by June 2011.

PetroChina Co Ltd. has announced that it is to purchase the remaining shares in its fuel oil unit for CNY392.3 million (US$59 million).

The Hong Kong-listed company has reached an agreement to buy a 4.356% stake in 95.644%-owned PetroChina Fuel Oil Co. from China National United Oil Corporation (Chinaoil). Upon the completion of the stake purchase, PetroChina will hold a 100 percent stake in the company.

China National United Oil Corporation is an affiliate of PetroChina’s parent company, China National Petroleum Corporation (CNPC).

PetroChina Fuel Oil is principally engaged in the development and investment of fuel oil and asphalt.

In a statement, PetroChina said the acquisition, which is expected to be completed by June 30, 2011, will optimize the capital structure and lower management costs.

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