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China Resources Gas Group Ltd has inked an agreement with Tianjin Gas Group Co to set up a joint venture in Tianjin with a total investment of CNY 6 billion, China Knowledge reported.

Pursuant to the agreement, Hong Kong listed China Resources Gas will inject CNY 2.45 billion into the JV, which will have a registered capital of CNY 5 billion to hold a 49% stake. The remaining 51% stake will be owned by Tianjin Gas.

A person familiar with the matter said Tianjin Gas may probably put the JV into the capital market via backdoor listing on the platform of its 51.3% owned Tianjin Tianlian Public Utilities Co.

Analysts noted that China Resources Gas would accelerate its market expansion in Tianjin and surrounding regions via the cooperation with Tianjin Gas. Sales volume of the city urban gas sector reaches around 1.2 billion cubic meters per year.

Mr Ong Thiam Kin executive director of China Resources Gas said the company expects to eventually enter the gas market in the Binhai New Area of Tianjin, adding that it has decided to privatize Zhengzhou Gas Co an urban gas supplier eyeing the market in Tianjin.