Summary by Moomoo AI
China Gas (00384.HK) announced the formation of a joint venture on March 12, 2024 and signed a joint venture agreement with Summit Energy and Fortune Clean Energy to jointly invest, own and lease two 2024 LNG carriers. Once established, the joint venture will not be a subsidiary of China Gas and its financial results will not be included in the financial statements of China Gas. In addition, a wholly-owned subsidiary of China Gas will lease the two LNG carriers on a long-term lease for 20 years. Under the Listing Rules, this transaction constitutes a disclosable transaction and a circular will be issued to shareholders on or before March 31, 2024. China Gas will hold an Extraordinary General Meeting to approve the 2024 Long Lease Agreement and related transactions. The establishment of a joint venture and the leasing of LNG transport vessels will help China Gas provide a stable transport capacity for the development of its LNG business and enhance its transport and logistics capabilities through cooperation with experienced shipping companies.