China Trade Information

Shenzhen-listed Tianfa Petroleum Co Ltd<000670>, one of the largest private petroleum enterprises in China, is going to be auctioned in Jingzhou, Hubei Province today.

The assets to be sold include the oil depots, ports, company shares and office buildings, valued at RMB 578.23 million. The auction has attracted quite a number of bidders including Sinopec<600028><386><SNP> and PetroChina<601857><857><PTR>.

It was reported that the income of this auction will be used to repay the RMB 1.5 billion debt of Tianfa. The other debt will be settled next year.

Tianfa Petroleum now holds 99.80%, 95.0% and 17.70% stakes in three petrochemical companies in Hubei and Jiangxi Provinces and 80% and 93.85% stakes in two petroleum logistics companies in Hubei, with a total value of RMB 21.547 million.

The company controls the core assets of Wuhan Yangluo Oil & Gas Storage, including one dock, 17 diesel oil tanks, and six liquefied gas tanks.

Tags: PetroChina, Petroleum, Sinopec

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