Anshan Panva Gas Company

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In March 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, acquired 81% of Anshan City Gas Company for US$13.35 million (RMB 111.96 million) from Anshan City Public Utilities Management Bureau. With that transaction, Anshan City Gas Company became a sino-foreign joint venture and its name was changed to Anshan Pava Gas Company. The company was granted a 30 year concession to operate, expand, and manage the piped gas network of Anshan city, which had an area of 9,525 square kilometers and a population of 3.4 million comprising 890,000 households. The city was an industrial one whose primary activity was steel production. Before the transaction, Anshan City Gas Company was 100% owned by Anshan City Bureau. Anshan Pava Gas Company was established with a registered capital of US$16.70 million (RBM 138.22 million). The initial agreement was signed in December 2004. Hong Kong based Panva Gas Holding Ltd was a publicly traded company in the Hong Kong stock exchange and was principally focused on commercialization of natural gas and liquefied petroleum in China mainland.