Sinopec concedes on China Gas

摘要

Chinese state-controlled oil firm Sin- opec has finally walked away from an attempt to take direct control over gas distributor China Gas, settling for a looser partnership that still gives it the inroads into a wider domestic network that it has sought. Sinopec and its gas distribution affiliate ENN last year mounted a HK$16.7bn ($2.15bn) offer for Hong Kong-listed China Gas, but said on 15 October that it could not meet the required regulatory conditions (WPA, 3 August, p6).