Aerial photo taken on Sept. 16, 2021 shows transport vehicles unloading coke from a train under dust control measures at a logistics yard in Qian'an Ctiy, north China's Hebei Province.
BEIJING, Dec. 28 (Xinhua) -- Hainan Mining Co., Ltd (601969.SH) announced on Tuesday that it planned to buy a 80-percent stake in Roc Oil, an independent upstream oil and gas company registered in Australia, for 163 million U.S. dollars, reported the Xinhua-run China Securities Journal.
The deal will further strengthen Hainan Mining’s operation and management of oil and gas business and improve the company’s industrial layout.
It is learned that in 2019, Hainan Mining acquired a 51-percent stake in Roc Oil by cash purchase. After the completion of this transaction, Hainan Mining will hold a 100-percent stake in Roc Oil.
Hainan Mining said that after this transaction, Roc Oil will become a wholly-owned subsidiary of Hainan Mining, which will further strengthen Hainan Mining's layout in the oil and gas industry and will have positive significance to the company's financial position, operating results and future development. (Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
A single purchase
