392 million acquisition of China Petroleum and Petroleum Fuel Oil 4.356% equi

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25 November, PetroChina (601857, stock it) Natural Gas Corporation (hereinafter referred to as the oil) issued a public notice, the company spent 392 million yuan from the China United Oil Corporation (Union Oil) bought the hands of oil Fuel Oil Corporation Limited (PetroChina Fuel Oil) 4.356% of the shares. After the acquisition, PetroChina Fuel Oil Company will have 100% equity. According to the information notice, as of October 31, 2010, fuel oil 12.3 billion total assets, total liabilities of 5.1 billion, net assets amounted to 7.2 billion in 2009, the PetroChina Fuel Oil net profit 1.68 billion yuan. The acquisition price from the point of view, the acquisition of oil equivalent to the overall price of fuel oil 9.0 billion, the purchase price can be described as "cheap." The delivery date of the acquisition, PetroChina will be a one-time funding to acquire the oil companies into the joint bank account. Fuel oil is mainly engaged in domestic asphalt, fuel oil and other investment and development, at present, China's asphalt, fuel oil, solvent oil, distillate oil refinery products is in a small period of rapid development, China Petroleum believes that all of the oil fuel oil placed under the command of, in line with company strategy to expand the terminal market requirements will help improve the company, especially the industrial chain, in line with the long-term development interests. Joint Oil is China National Petroleum Corporation (CNPC) and China in the form of a joint venture company of oil foreign trade companies, mainly engaged in the business of government and state trading of crude oil, refined oil overseas futures business. End of 2009, Union Oil 54.547 billion yuan total book assets, net assets of 2.771 billion yuan. CNPC holds a 70% stake in the joint oil company.

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