China Gas signs cooperation deal with CITIC Construction and CITIC Bank

China Gas Holdings Limited (HKSE: 384) announced it entered into a strategic cooperation agreement with CITIC Construction Co., Ltd. and China CITIC Bank Corporation Limited. The partnership establishes an "industry-construction-finance" collaborative model aimed at supporting China Gas' expansion in energy storage and biomass energy sectors.

Under the agreement, the three companies will cooperate across multiple areas including overseas energy infrastructure construction, joint development of third-party projects, industrial park businesses, and green finance. China Gas will handle project planning and technical solutions, CITIC Construction will manage engineering and construction, and China CITIC Bank will provide financial services.

The companies plan to focus on regions including Europe, Southeast Asia, Central Asia, and North Asia for energy infrastructure development. They will also integrate resources around industrial parks and new urbanization projects led by China Gas domestically and internationally.

China Gas operates 662 city and township gas projects with concession rights, 32 long-distance pipeline transmission projects, 485 CNG and LNG refilling stations, and 120 LPG distribution projects. The company has been expanding its energy storage business and biomass energy operations as part of its growth strategy.

"The signing of this tripartite agreement with CITIC Construction and China CITIC Bank marks our shift from simple overseas expansion to a cluster-based international strategy," said LIU Ming Hui, Chairman and President of China Gas.

The cooperation aims to support China's 15th Five-Year Plan objectives and participation in the Belt and Road Initiative, according to the company's statement.

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