China Petroleum & Chemical Corp, also known as Sinopec, Asia's biggest refiner, ditched a $2 billion bid for China Gas Holdings Ltd after a 10-month tussle, opting to form a partnership to tap local demand for natural gas.
Sinopec will share resources with China Gas to distribute liquefied petroleum gas, compressed natural gas and liquefied natural gas, China Gas said in a Hong Kong Stock Exchange filing. Sinopec may buy new China Gas shares, China Gas Joint Managing Director Eric Leung said in a telephone interview.
China Daily - Bloomberg
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