LONDON (Alliance News) - Fortune Oil PLC Wednesday said it now has Chinese regulatory approval for its new single point mooring joint venture with Sinopec.
The company's previous joint venture at the major Maoming crude oil import terminal in China expired in February, and after months of talks it finally got a new deal earlier in November. Under the new 20-year deal, Fortune no longer has a controlling equity stake in the venture, taking a reduced 33% holding.
"Nonetheless, the scope of the new joint venture has been expanded with the potential development of a new pipeline and buoy," it said in a statement.
Fortune Oil shares were down 0.5% at 9.25 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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