Qingdao Port International to Acquire Oil Terminal Assets for $1.3 Billion
(Reuters) — Qingdao Port International said on Friday it agreed to purchase assets from Rizhao Port and Yantai Port for 9.44 billion yuan ($1.30 billion) as part of its restructuring efforts.
Additionally, Qingdao Port said it is seeking to raise an additional 2 billion yuan through the issuance of new class A shares.
Hong Kong-listed Qingdao Port is purchasing the entire stake in Rizhao Port Oil Terminal, a 50% stake in Rizhao Shihua Crude Oil Terminal Co, a 53.9% stake in Shandong United Energy Pipeline Transportation and a 51% stake in Shandong Gangyuan Pipeline Logistics, on a conditional basis.
The company will pay 4.81 billion yuan by issuing around 697.3 million class A shares, and 4.63 billion yuan will be paid in cash, Qingdao Port said.
These steps are subject to shareholder approval as per the Hong Kong listing rules.
($1 = 7.2518 Chinese yuan renminbi)
Related News
Related News
![](/media/2035/pgj-enews-graphic-300x1404.jpg)
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- U.S. to Buy 4.5 Million Barrels of Oil to Replenish Strategic Petroleum Reserve
- Kurdish Oil Smuggling to Iran Flourishes
- U.S. Court Overturns Alaska Oil Lease Sale, Halting Energy Development
- Second Gas Pipeline Rupture in Texas’ Reeves County Raises Environmental Concerns
- Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Comments