SAR-listed China Gas Holdings has obtained a 500 million yuan (about HK$469.2 million) credit facility to finance natural gas distribution projects.
Managing director Liu Minghui yesterday said the facility was granted by Fujian Industrial Bank carrying an interest rate of 5 per cent with a five-year term: 'This is the company's first credit facility since it refocused its business on mainland natural gas in May last year.
'As we are now negotiating for about 10 more natural gas projects, there will be more credit facilities to come this year.'
The 10 projects would lie in cities along China's 4,200km West-to-East gas pipeline now under construction.
The company has secured piped gas projects in four cities out of the total 60 along the West-to-East pipeline.
'We intend to occupy one third of the market [20 cities],' Mr Liu said.