China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1425)	11/14/2003 12:05:18 AM
From: RealMuLan	Read Replies (1) of 6370

China Jilin Chemical Indus To Buy Assets For CNY159.5M HONG KONG (Dow Jones)--Jilin Chemical Industrial Co. (0368.HK), a unit of Chinese oil giant PetroChina Co. (PTR), said Friday it plans to buy water filtering systems and other assets from Jilin Chemical Group Co., or JCGC, for 159.5 million yuan (US$1=CNY8.28). JCGC and China's largest oil and gas producer PetroChina are sister companies, owned by China National Petroleum Corp. [AD] [AD] SingaporeAll the web CNPC wholly owns JCGC and 90% of PetroChina, which in turn controls 67.3% of Jilin Chemical Industrial. CNPC also owns Hong Kong-listed red chip CNPC (Hong Kong) Ltd. (0135.HK). The purchase will be off set by accounts receivable from JCGC which produces downstream products for CNPC, including acrylic. No cash payments will be made by Jilin Chemical but the accounts receivables from JCGC will be reduced to CNY183.1 million. The deal is expected to be completed on Dec. 31, 2003. sg.biz.yahoo.com

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