Shandong Panva Gas Company

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In August 2005, Panriver Investment, a subsidiary of Hong Kong based Panva Gas Holding Ltd, and state-owned Shenzhen Huaxinlian Investment Limited Liability Company created the joint venture Shangdong Panva Gas Company, which was granted a 50 year contract to build and operate the natural gas piped network in the West region of Jinan city, Shandong province. According to the joint venture agreement, state-owned Jinan Gas held 50% of Shangdong Panva Gas Company, Panriver Investment had 48%, and Shenzhen Huaxinlian Investment had 2%. Shangdong Panva Gas Company was created with a register capital of US$48.33 million (RMB 400 million). Jinan Gas’s contribution was its operational assets and liabilities while the other partners provided cash capital. Shangdong Panva Gas Company became operation in November 2005. 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.