Mainboard-listed Yangzijiang Shipbuilding says it has established a proposed joint venture company, Jiangsu Run Yuan Energy with Wuxi China Resources Gas and Jiangyin Xinyangchuan Enterprise Management Center with an initial issued and paid-up capital of RMB20 million ($4.1 million).

The joint venture agreement was signed by Yangzijiang’s wholly-owned subsidiary Yangzijiang Terminals China Holding and the companies on Jan 14.

Wuxi China is a subsidiary of China Resources, one of the largest state-owned conglomerates and a leading gas utilities group in China, that is in the downstream city gas distribution business.

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