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Baoshan Iron and Steel Co will buy a 12.8% stake in a natural gas pipeline in China for CNY 8 billion.
The Shanghai based steelmaker, the listed unit of Baosteel Group Corp, will take the stake in the 5,220 kilometer pipeline project, which will run west to east from the northwestern Xinjiang Uighur Autonomous Region to the southeastern province of Fujian.
Another Baosteel subsidiary, Huabao Investment Co, will invest CNY 2 billion for a 3.2% stake in the project.
China National Petroleum Corp. controls the project with a 52% stake.
The pipeline that Baoshan is investing in has capacity of 30 billion cubic meters of natural gas a year.
Unconventional natural gas has become a global hotspot. It is changing the pattern of the world energy. Shale gas will become one of the three energy resources in the next 20 years. Read More >
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