LONDON (CP) -- Zhejiang Gas is a subsidiary of Zhejiang Provincial Energy Group Ltd., which is the largest enterprise in Zhejiang province, which has a population of 50 million and the fourth-largest provincial economy in China.
Assuming the overall development plan proceeds to commercialization, China National Offshore Oil Corp. (CNOOC) will take a 51% interest in the development, which will be operated by Primeline.
The development and production costs will be shared proportionately between the project's three owners, CNOOC (51%), Primeline (36.75%) and Primeline Petroleum Corp. (12.25%).
Primeline is an exploration and development company focusing exclusively on China resources. Its shares are listed on the TSX Venture Exchange.
Primeline shares gained four cents to $C0.19 after a trading halt was lifted following the announcement.
(c) The Canadian Press