OREANDA-NEWS. May 12, 2011. Shenzhen-listed Oriental Energy Co., Ltd. said on Tuesday that its wholly owned subsidiary Oriental Energy International Trading Co. intended to acquire 100% stake in Bp (Wuxi) LPG Co., Ltd. and 99.11% stake in BP (Suzhou) LPG Co., Ltd. from BP Global Investments Limited at a total consideration of USD 15.75 million.

Bp (Wuxi) LPG is principally engaged in production, filling and retail of liquefied petroleum gas in Wuxi and Yixing. As of December 30, 2010, it had net assets of CNY 9.61 million and got CNY 33.29 million sales last year. Net profit was minus CNY 1.913 million.

BP (Suzhou) LPG provides LPG retail in Suzhou, Kunshan, Changshu and Taicang. It had CNY 99.07 million net assets at the end of 2010. Last year's sales amounted to CNY 97.21 million and net profit was CNY 4.17 million.

The stake acquisition will enable Oriental Energy to have LPG retail qualification and established sales network in Suzhou and Wuxi, thus sharpening its competitive edge and strength there and further consolidating its leadership in the eastern China.