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Kunlun Energy to pour RMB 20 bln to build LGN plants this year

May. 17, 2012 (China Knowledge) - Kunlun Energy Co<0135>, a subsidiary of PetroChina<601857><0857>, plans to invest about RMB 20 billion to build liquefied natural gas plants this year, said Chairman Li Hualin yesterday.

Li expected that the company's LNG processing capacity would exceed 2 billion cubic meters by the end this year.

In 2013, the company will completed 12 LNG plants, thus increasing its LNG processing capacity to 4 billion cu m by the end of next year.

Li also said that both Kunlun Energy and PetroChina have no intention to acquire China Gas Holdings<0384>.

In 2011, Kunlun Energy booked a net profit of HK$5.61 billion, up from HK$4.19 billion in 2010. Turnover grew to HK$25.40 billion last year from HK$17.34 billion in the previous year.

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